If you are used to getting yourself intoxicated with your favourite alcoholic drink, you are going to start paying more tax.

Also, if your taste for luxury autos are unquenchable, you should also get ready to drive your luxury wheels at a much higher cost.

This is because the federal government plans to impose special taxes on such products, including luxury cars and alcohol.

As you may know, the government desperately needs money to implement its budget and raising taxes is one of the ways designed to raise more revenue from the non-oil sector.

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The government, therefore, hopes to make 2.5 billion naira from the special taxes on insurance of luxury cars and surcharge on other luxury goods.

Also, the government is campaigning for people to come willingly to pay their fair share of tax through the Voluntary Assets and Income Declaration Scheme.

Federal authorities hope it would raise additional 350 billion in Company Income Taxes.

More so, 100 billion naira is expected from improvements in the collection of Value Added Tax.

All these were contained in the plan unveiled by the Minister of State for Budget and National Planning, Zainab Ahmad, when she presented the revised Medium Term Expenditure Framework, to the Senate Joint Committee on MTEF.

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