Following the current crunch in the economy, the Federal Government has devised a new means of generating income through taxation, a move aimed at owners of private jets, as well as passengers who fly in premium cabins.
The Federal Ministry of Finance will tax all local and foreign private jet owners in the country to the tune of N3,200 per kilogramme as surcharge on the weight of each aircraft, multiple sources reveal. Reports also say a rate of N15,000 will be charged on all first class and business class tickets to overseas destinations as foreign travel surcharge.
The private jet owners in the country, put together, will raise around N7.9bn yearly as luxury tax. First class and Business class passengers will also generate some N30bn as foreign travel surcharge. Put these together, the Federal Government will be looking at an additional N38bn in revenue, which should go a long way in aiding the ailing economy.
