Month: October 2024

Federal Government Abolishes VAT on Pharmaceuticals and Medical Devices to Boost Local Production

The Executive Order to impose zero value-added tax and excise charges on pharmaceuticals and medical devices has reportedly been finalised, according to the Federal Government. The Federal Ministry of Health and Social Welfare's spokesperson, This was revealed by Alaba Balogun in a statement that was made public on Wednesday, October 9. The statement claims that the Executive Order's harmonised implementation framework has been completed and that the Federal government is prepared to publicise it. “This critical step ensures that the Federal Inland Revenue Service and the Nigeria Customs Service can proceed with...