FG Eases Financial Burden On Nigerians: Exempts 63 Items from Value-Added Tax
President Bola Tinubu’s Government has taken a significant step towards stimulating economic growth by exempting 63 essential items from Value-Added Tax (VAT). This move is part of the government’s fiscal policy reforms aimed at revitalizing the oil and gas sector.
The exempted items include:
– Vehicles: CNG/LPG Dual Fuel Vehicles, Dedicated LPG Vehicles, Electric Vehicles, and their parts
– Energy Equipment: Gas Generators, CNG Cylinders, Regulators, and Steel Pipes
– Industrial Machinery: Hydraulic press, Heat Treatment Equipment, and Gas burners
– Household Appliances: Gas water heaters, Gas washing machines, and laundry-type washing machines
– LNG and CNG Equipment: LNG Liquefying Equipment, CNG Compression Terminals, and Cyrogenic Storage Tanks
– Biofuel Equipment: Biogas Digester, Biogas Compressor, and Bio-ethanol refinery equipment.
The provisions regarding Automotive Gas Oil (AGO) will take effect retroactively from October 1, 2023. This decision follows the recent unveiling of concessions by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, aimed at enhancing Nigeria’s upstream and downstream operations.
By exempting these items from VAT, the government hopes to reduce the financial burden on citizens, stimulate economic growth, and increase investment in key sectors. This move is expected to have a positive impact on Nigeria’s economy, especially in the oil and gas sector.
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