Newscenter Media News The Federal Government has fully exempted 61 items from Value-Added Tax (VAT).
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, disclosed this in a post on X on Friday.
He said the exempted items are listed in an official gazette for the “Value Added Tax (Modification) Order, 2024,” dated September 3, 2024.
This development came 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.
The minister unveiled two major fiscal incentives.
These 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.”
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 Gauge
– Pumping Housing and Motors
– Regulator Body
– Pressure Gauge
– 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 that both wash and dry.
– CNG, LPG, and Cryogenic 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, Regasification Plant, Liquefied CNG Compression Terminals
– LNG Plant, Machinery, Pumps, Compressors, Filters (Including Gas Filters), Weighing Machines, Valves Equipment
– Cryogenic 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
– Steel Plates, Angles, and 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
By: Babajide Okeowo
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