The Nigeria Customs Service (NCS) has commenced the implementation of zero tax on imported pharmaceutical inputs for two years.
In a statement on Wednesday, customs said the implementation
commenced after President Bola Tinubu approved comprehensive guidelines for the
exemption of import duty and value-added tax (VAT) on critical raw materials
used in the manufacturing of pharmaceutical products.
A month after, Tinubu signed an executive order to introduce
zero tax on imported pharmaceutical inputs.
Commenting on the policy on Wednesday, customs said, in line
with the presidential directives to enhance local healthcare manufacturing,
reduce production costs, and attract investments, the guidelines were approved
by Tinubu through Wale Edun, minister of finance and coordinating minister of
the economy.
NCS said the exemption will cover APIs, excipients, and
other raw materials used in the production of essential medicines.
Others include long-lasting insecticidal nets (LLINs), rapid
diagnostic kits, reagents, and packaging materials.
“In commitment to transparency and effective monitoring, the
NCS will compile quarterly reports detailing all importations under this
policy, including data on importers, quantities, and values of the imported
items, ensuring the policy’s implementation aligns with its intended
objectives,” the statement reads.
“The Nigeria Customs Service remains committed to supporting
government policies while fulfilling its mandate to facilitate trade, enhance
border security, and drive national development.”
The service said successful implementation of the policy
requires collaboration from all stakeholders, including importers,
manufacturers, and relevant government agencies.
NCS added that through collective efforts, stakeholders can
achieve the shared goal of a robust healthcare sector that meets the needs of
all Nigerians.
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