The Federal Government informed that 63 items have been exempted from Value-Added Tax (VAT), including LPG-powered vehicles. The announcement was made by Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.

He stated that the exempted items are contained in an official gazette for the “Value Added Tax (Modification) Order, 2024,” dated September 3, 2024.

The measure comes two days after the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced the introduction of concessions aimed at revitalising the oil and gas industry to ensure a boost in Nigeria’s upstream and downstream sectors.

The minister unveiled two major fiscal incentives. They 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.

The list of the items exempted from VAT include: CNG/LPG Bi-Fuel Vehicles, Dedicated LPG Vehicles, Parts, and semi-knocked down units (for assembly) of CNG and LPG Buse, and LPG/CNG Conversion Kits.

Source: The Cable

Photo: Unsplash

6 November 2024