Section 10

Adjustment for inflation 

Despite section 8, the Commissioner shall, by notice in the Gazette, adjust the specific rate of excise duty annually every two years once every year to take into account inflation in accordance with the formula specified in Part II Part I of the First Schedule. Finance Act, 2016  Effective 9th June 2016  Finance Act, 2017, Effective 1st January 2018 Finance Act 2018, Effective 1st July 2018  (Finance Act 2020- wef-01January2021)

(Finance Act 2020- wef-01January2021)
(1) Despite section 8, the Commissioner may, with the approval of the Cabinet Secretary, by notice in the Gazette, adjust the specific rate of excise duty once every year to take into account inflation in accordance with the formula specified in Part 1 of the First Schedule. (Finance Act 2020- wef-01January2021)

*Provided that the Commissioner may, by notice in the Gazette and with the approval of the Cabinet Secretary, exempt specified products from inflation adjustment after considering the circumstances prevailing in the economy in that year in respect of such products. (Finance Act 2022-wef-01-January-2023*)

(2) The notice under subsection (1) shall be laid before the National Assembly within seven days from the date of publication. (Finance Act 2020- wef-01January2021)

(3) The National Assembly shall, within twenty-eight sitting days of the receipt of the notice under subsection (2), consider the notice and make a resolution either to approve or reject the notice. (Finance Act 2020- wef-01January2021)

(4) The notice shall cease to have effect, if a resolution disapproving the notice is passed by the National Assembly. (Finance Act 2020- wef-01January2021)

Repealed by       (Finance Act 2023 wef 1st-July-2023 )