WATCH THE VIDEO HERE NaijaOnPoint Nigeria reports that President Bola Tinubu’s Federal Government has officially exempted 63 items from Value-Added Tax (VAT) as part of its fiscal policy reforms. This announcement was made by Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, via a post on X. The details of the exemption are included in the official gazette for the ‘Value Added Tax (Modification) Order, 2024,’ which is dated September 3, 2024. This decision follows the recent unveiling of concessions by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, aimed at revitalizing the oil and gas sector to enhance Nigeria’s upstream and downstream operations. The minister revealed two fiscal incentives: the VAT modification order for 2024 and a notice of tax incentives related to deep offshore oil and gas production, aligning with the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024. According to the gazette, the provisions regarding Automotive Gas Oil (AGO) will take effect retroactively from October 1, 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 Automotive gas oilFG has commenced fiscal policy reform implementation with VAT removal from 63 items.
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BREAKING: FG Finally Commences Fiscal Policy Reform Implementation In Nigeria
