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Enioluwa Adeniyi
Guest
The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), in a strategic move to stimulate various sectors of the Nigerian economy.
This development was disclosed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, in a statement shared on X on Friday.
The announcement references the ‘Value Added Tax (Modification) Order, 2024,’ which was dated September 3, 2024.
The exemption is part of broader fiscal reforms aimed at enhancing economic activities and easing financial burdens on businesses and consumers.
This decision comes in the wake of recent fiscal reforms designed to revitalize Nigeria’s oil and gas industry, as emphasized by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, earlier this week.
In the official gazette, effective from October 1, 2023, the exempted items include:
– 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 buses.
– 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, and 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, Regasification
– 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, and Flanges used for Liquefied Natural Gas processing
– Electrical Equipment, including Cables for Liquefied Natural Gas processing
– Steel Plates, Angles, and 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
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