2023 Fiscal Policy Measures and Tariff Amendments

These flashcards cover key terms and concepts related to the 2023 Fiscal Policy Measures and Tariff Amendments.

Fiscal Policy

Government policy regarding taxation and spending to influence the economy.

Excise Duty

A type of tax charged on goods produced within the country, applied as a fixed amount per unit.

ECOWAS CET

ECOWAS Common External Tariff, a tariff framework established among ECOWAS member states.

Import Adjustment Tax (IAT)

Tax applied to specific goods to adjust import duties as per policy changes.

Supplementary Protection Measures (SPM)

Additional protective measures implemented to safeguard local industries.

Green Tax

Tax imposed to encourage environmental sustainability, often associated with pollution control.

National List

A list of items with reduced import duty rates to stimulate economic growth in targeted sectors.

Concessionary Import Duty

Reduced rates of duty available to certain eligible importers or manufacturers.

Annex

A supplementary section that provides additional details or items within regulations.

Irrevocable Trade Agreement

A legally binding agreement between parties that cannot be altered without consent.

Grace Period

A specified period during which certain rules are relaxed to allow compliance.

Telecommunication Services Surcharge

An additional fee levied on telecommunication services as part of fiscal policy.

Tariff Lines

Specific items classified under a tariff system for duty purposes.

Import Prohibition List

A list of goods that are not allowed to be imported at all.

Single Use Plastics (SUPs)

Plastic products designed to be used once and then discarded, subject to special taxes.