Full list of items exempted from value added tax in Nigeria

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A total of 63 products, according to the federal government, are not subject to value-added tax
According to the Chairman of the Presidential Committee, the list is contained in an official gazette
Some of the affected items are gas generator, CNG cylinder, electric vehicle, steel pipes and others

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The Federal Government recently announced that 63 items have been exempted from Value-Added Tax (VAT).

Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, disclosed this in a post on X on Friday.

He said the exempted items are contained in an official gazette for the ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024.

The full list of the items exempted from VAT has been highlighted as follows:

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

Manufacturers, farmers, SMEs to stop paying withholding tax

Legit.ng reported that to lessen the tax burden on enterprises, the federal government has approved exempting manufacturers, farmers, and small businesses from paying withholding tax.

Important modifications to the previous tax system were also implemented, including lower rates for companies with narrow profit margins and steps to prevent tax cheating.

Income tax can be collected in advance through the use of withholding tax, which is withheld at rates that vary from 5% to 10% depending on the transaction.

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Source: Legit.ng

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