According to the new Fiscal policy 2014-17 “importation of Husked Brown rice (H.S. Code 1006.2000.00) and semi-milled or wholly milled rice, whether or not polished or glazed (H.S. Code 1006.2010.00) by investors with rice milling capacity and verifiable backward integration programme shall attract 10 % duty rate with a tax of 20 % and will be limited to the national supply gap to be determined by a committee (for a period of four years).
“Importation of Husked Brown rice (H.S. Code 1006.2000.00) and semi-milled or wholly milled rice, whether or not polished or glazed (H.S. Code 1006.2010.00) by pure rice traders shall attract an import duty rate of 10% plus 60% tax.”
This New fiscal policy has been in force since May26, 2014 and the previous fiscal policy has significantly reduced the tax on husked brown and semi-milled or wholly milled rice to 20 % for investors with rice milling capacity from 100 % that obtained in the former fiscal policy. On the other hand, for pure traders, the government reduced the tax to only 60 % from 100 %. Husked brown rice or paddy rice is rice in its natural, unprocessed state.
A senior government official said Okonjo-Iweala is expected to convey the President’s approval to the Secretary to the Government of the Federation, Anyim Pius Anyim; Minister of Agriculture, Akinwunmi Adesina; Minister of Industry, Trade and Investment, Olusegun Aganga; Comptroller-General, Nigeria Customs Service, Abdullahi Inde Dikko; and the Acting Chairman, Federal Inland Revenue Service, Kabir Mashi, amongst others, to ensure strict compliance and other necessary actions.