63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) - Politics

63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) (30997 Views)

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63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by dre11(op): 7:59pm On Oct 04, 2024

By Tosin Oyediran

The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms.

This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday.

The exemptions are outlined in the official ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024.

The announcement follows the recent introduction of fiscal concessions aimed at revitalising Nigeria’s oil and gas sector, as disclosed by the Finance Minister and Coordinating Minister of the Economy, Wale Edun.

The two key incentives unveiled include the VAT modification order and tax reliefs for deep offshore oil and gas production, as per the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.

Additionally, the official gazette specifies that the provisions concerning Automotive Gas Oil (AGO) are retroactive, taking effect from October 1, 2023.

Earlier, PUNCH Online reported that President Bola Tinubu may bar revenue-generating agencies from collecting revenues on behalf of the Federal Government as he plans to introduce a single agency—the Nigeria Revenue Service—to handle the task.

This came as the Federal Government instituted a comprehensive set of fresh tax reforms aimed at significantly boosting revenue collection.

In September 2024, FEC approved economic stabilisation bills and proposed 10 changes to spur economic growth.

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 buses.
• 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, and 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, Regasification
• 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, and 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

https://punchng.com/full-list-63-items-exempted-from-vat-under-new-fiscal-reforms-by-tinubu/?amp

17 Likes 3 Shares

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by lionshare: 8:07pm On Oct 04, 2024

Well Done MR Taiwo Oyedele!

23 Likes 2 Shares

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by BreconHills(m): 8:09pm On Oct 04, 2024

NRS = HMRS

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by chukwuibuipob: 8:14pm On Oct 04, 2024

...

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by straighttalk(m): 8:18pm On Oct 04, 2024

Little or No impact

64 Likes 4 Shares

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by wman(m): 8:19pm On Oct 04, 2024

Are some food items eligible for some VAT exclusions?

There might be a prior list that we aren't aware of.

8 Likes 1 Share

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by helinues: 8:19pm On Oct 04, 2024

Nice

1 Like 1 Share

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by UpTown001(m): 8:20pm On Oct 04, 2024

What is wrong with this tirubu sef? How many people are using all these things mentioned here? Bring down the cost of PETROL . Nigerians are hungry and angry!

114 Likes 12 Shares

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by xristos(m): 8:20pm On Oct 04, 2024

Good news

Check my profile for a sweet & Sharp Toyota Camry 2005 SE.
3.7m

2 Likes 3 Shares

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by micellgevity: 8:20pm On Oct 04, 2024

I can't see any food item here.

28 Likes

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by id4sho(m): 8:20pm On Oct 04, 2024

Kuku kill us undecided

Gettat arraherrrr sad

6 Likes 2 Shares

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by GreaterFuture(m): 8:20pm On Oct 04, 2024

Accurate?

1 Like 1 Share

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by successman100: 8:21pm On Oct 04, 2024

No food?
All for the big man....

23 Likes 1 Share

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by oyeb15: 8:21pm On Oct 04, 2024

And Rice

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by Mandatemovent: 8:21pm On Oct 04, 2024

💯 percent zero impact on inflation

45 Likes 2 Shares

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by Salewa97: 8:21pm On Oct 04, 2024

Toh

The list is long oo

38 Likes

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by longleg(m): 8:21pm On Oct 04, 2024

Audio reversal.

2 Likes

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by damble: 8:22pm On Oct 04, 2024

Who this helps?

9 Likes 2 Shares

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by Inspirer1: 8:22pm On Oct 04, 2024

Mostly Gas related items and Electric vehicle items.

successman100:
No food?
All for the big man....

They know what they are doing. Making life easier for the rich.

16 Likes 2 Shares

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by Hezzyluv: 8:23pm On Oct 04, 2024

E no really reach the masses. Still on still, well done sad

1 Like

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by damble: 8:23pm On Oct 04, 2024

xristos:
Good news

What is good about this?

1 Like 1 Share

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by Image123(m): 8:23pm On Oct 04, 2024

hmmm, bureaucracy na bane.

50 Likes

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by damble: 8:23pm On Oct 04, 2024

straighttalk:
Little or No impact

No impact at all

14 Likes 1 Share

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by daddytime(m): 8:24pm On Oct 04, 2024

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by udemzyudex(m): 8:24pm On Oct 04, 2024

Next government will still exempt them grin

1 Like

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by damble: 8:25pm On Oct 04, 2024

Mandatemovent:
💯 percent zero impact on inflation

Wa se orire (you will make it) for this fact

1 Like

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by Hopss(m): 8:25pm On Oct 04, 2024

like the items I see there no really get direct impact on the masses I was expecting to see food item , house hold utensils . Na who done chop go think of all this ones listed above

6 Likes

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by tnerro1(m): 8:26pm On Oct 04, 2024

This committee will be seriously investigated after this government leaves

2 Likes

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by INTEGRITYA1(m): 8:26pm On Oct 04, 2024

Okay

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by gratiaeo(m): 8:27pm On Oct 04, 2024

Audio as usual

Re: 63 Items Exempted From VAT Under New Fiscal Reforms By Tinubu (LIST) by Kam2021: 8:27pm On Oct 04, 2024

This one is oil and gas ooo.It should be enforced and implemented, because we are good in drafting policies, zero implementation. Next 3 months, customs will tell you they are not aware.

1 Like

1 2 3 Reply

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