FG approves VAT, import duty waiver for critical medical supplies

Nigerian President has approved the waiver of Value Added Tax (VAT) and import duty for essential medical equipment and supplies. It takes effect from May 1, 2020, and is valid for an initial period of six months. Items that can be produced locally such as textile face masks, undenatured ethyl alcohol, hydrogen peroxide, hand sanitizers, and syringes (with or without needles), are no longer on the exemption list. The waiver will enable the country with rapid access to affordable medical equipment, medicines, and other supplies.

Overall, import duty waiver is the first incentive to be approved out of the three incentives in the Emergency Economic Stimulus Bill 2020. Our earlier article is available here.

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