The Federal Government has exempted 63 items from value-added tax (VAT).
According to a post on X yesterday by the Chairman, Presidential Committee on fiscal policy and tax reforms, Taiwo Oyedele, the exempted items are contained in an official Gazette for the ‘Value-Added Tax (Modification) Order, 2024,’ dated September 3, 2024.
Recall that on Wednesday, 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.
Edun unveiled two major fiscal incentives. The incentives include: 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”.
