Gas generators, CNG/LPG dual fuel vehicles… 63 items exempted from VAT
The federal government has exempted 63 items from value-added tax (VAT).
According to a post on X by Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, on Friday, the exempted items are contained in an official gazette for the ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024.
On Wednesday, Wale Edun, minister of finance and coordinating minister of the economy, announced the introduction of concessions aimed at revitalising the oil and gas industry to ensure a boost in Nigeria’s upstream and downstream sectors.
Edun unveiled two major fiscal incentives.
The incentives 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.
In the official gazette, the federal government said the provisions of “this order, as they relate to Automotive Gas Oil (AGO) shall be deemed to have commenced on the 1st day of October, 2023”.
Here is a full list of the items exempted from VAT
