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
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
Feed
Gas
Automotive
gas oil
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