The federal government has exempted 63 items from value-added tax (VAT).
According to a post on X by Taiwo Oyedele, chairman of the
presidential committee on fiscal policy and tax reforms, on Friday, the
exempted items are contained in an official gazette for the ‘Value Added Tax
(Modification) Order, 2024,’ dated September 3, 2024.
On Wednesday, Wale Edun, minister of finance and
coordinating minister of the economy, announced the introduction of concessions
aimed at revitalising the oil and gas industry to ensure a boost in Nigeria’s
upstream and downstream sectors.
Edun unveiled two major fiscal incentives.
The incentives included VAT modification order 2024 and
notice of tax incentives for deep offshore oil and gas production, in
accordance with the Oil and Gas Companies (tax incentives, exemption,
remission, etc.) Order 2024.
In the official gazette, the federal government said the
provisions of “this order, as they relate to Automotive Gas Oil (AGO) shall be
deemed to have commenced on the 1st day of October, 2023”.
Here is a full list of the items exempted from VAT
- CNG/LPG
Dual Fuel Vehicles
- Dedicated
LPG Vehicles and CNG/LPG Dual Fuel Vehicles
- Parts,
and semi-knocked down units (for assembly) of CNG and LPG Buse.
- Parts,
and semi-knocked down units (for assembly) of Electric Vehicle
- Electric
Vehicles
- Electric
Vehicles Battery
- Electric
Vehicles Charging System
- Electric
Vehicle Solar Charging System
- LPG/CNG
Conversion Kits
- CNG
Cylinders.
- CNG
Cascades
- CNG
Dispensers
- Gas
Generators
- CNG
Trucks (Bobtails and Bridgers; fixed axle and semi-trailers
- Steel
Pipes
- Steel
Valves & Fittings
- SS
Tubes & Fittings
- Storage
Tanks (all sizes)
- Regulators
- CNG
Pumps and Compressors (all types)
- Steel
- Pressure
Relief Valves
- Hydraulic
press/Rolling machine
- Heat
Treatment Equipment
- Liquid
Level Guage
- Pumping
Housing and Motors
- Regulator
Body
- Pressure
Guage
- Truck
Chassis
- Metering
and Measuring Equipment (including weighbridges, filling scales)
- Dispensing
equipment (dispensing scales, nozzles, gas filling systems)
- Safety
Features (emergency shutoff valves, pressure relief valves, excess flow
valves, breakaway couplings, quick release couplings)
- Gas
water heaters
- Gas
burners for industry
- Gas
boilers
- Gas
washing machines and dryers (launderettes) Household or laundry-type
washing machines, including machines which both wash and dry.
- CNG,
LPG and Cyrogenic Hoses Tubes, pipes and hoses, and fittings thereof (for
example,joints, elbows, flanges) of plastics.
- CNG
truck heads
- Gas
Leak Detectors
- Gas
air conditioners
- Cylinder
refurbishment equipment
- Blending
skid/unit
- Odourizing
unit
- Chromatography
unit (GC)
- LNG
Liquefying Equipment, Heat Exchangers,LNG Vapourizers, Regassification
Plant, Liquefied CNG Compression Terminals
- LNG
Plant, Machinery, Pumps, Compressors, Filters (Including Gas Filters),
Weighing Machines, Valves Equipment
- Cyrogenic
Storage Tanks, Liquefied CNG Conversion tanks
- Pipes,
Piping Fittings, Flanges used for Liquefied Natural Gas processing
- Electrical
Equipment, including Cables for Liquefied Natural Gas processing
- Stell
Plates, Angles, Bars for Liquefied Natural Gas Processing
- LNG
Related Chemicals
- Biogas
Digester
- Biogas
Compressor
- De-sulphurization
units
- Dryer
- Distillation
columns for processing biofuels
- Bio-ethanol
refinery equipment
- Fermentation
Tanks
- Biofuel
related Chemicals, Enzymes and Reagents
- Liquefied
Petroleum Gas
- Compressed
Natural Gas
- Feed
Gas
- Automotive
gas oil
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com