FG exempts gas generators, CNG/LPG dual fuel vehicles, 61 others from VAT (Full List)

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FG exempts gas generators, CNG/LPG dual fuel vehicles, 61 others from VAT (Full List)

FG exempts gas generators, CNG/LPG dual fuel vehicles, 61 others from VAT (Full List)

The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), a move aimed at stimulating the oil and gas sector and easing economic pressures.

Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, made the announcement in a post on X, referencing an official gazette titled the “Value Added Tax (Modification) Order, 2024,” dated September 3, 2024.

This announcement comes shortly after Finance Minister Wale Edun introduced concessions intended to revitalize both the upstream and downstream segments of Nigeria’s oil and gas industry.

The minister outlined two key fiscal incentives: the VAT modification order and tax incentives for deep offshore oil and gas production, as per the Oil and Gas Companies (tax incentives, exemption, remission, etc.) Order 2024.

According to the official gazette, provisions related to Automotive Gas Oil (AGO) will retroactively take effect from October 1, 2023.

The following items have been exempted from VAT:

1. CNG/LPG Dual Fuel Vehicles

2. Dedicated LPG Vehicles

3. Parts and semi-knocked down units for assembly of CNG and LPG buses

4. Parts and semi-knocked down units for assembly of Electric Vehicles

5. Electric Vehicles

6. Electric Vehicle Batteries

7. Electric Vehicle Charging Systems

8. Electric Vehicle Solar Charging Systems

9. LPG/CNG Conversion Kits

10. CNG Cylinders

11. CNG Cascades

12. CNG Dispensers

13. Gas Generators

READ ALSO: FG hands over 64 CNG buses to labour unions, NANS

14. CNG Trucks (Bobtails and Bridgers; fixed axle and semi-trailers)

15. Steel Pipes

16. Steel Valves & Fittings

17. SS Tubes & Fittings

18. Storage Tanks (all sizes)

19. Regulators

20. CNG Pumps and Compressors (all types)

21. Steel

22. Pressure Relief Valves

23. Hydraulic Press/Rolling Machine

24. Heat Treatment Equipment

25. Liquid Level Gauge

26. Pumping Housing and Motors

27. Regulator Body

28. Pressure Gauge

29. Truck Chassis

30. Metering and Measuring Equipment (including weighbridges, filling scales)

31. Dispensing Equipment (dispensing scales, nozzles, gas filling systems)

32. Safety Features (emergency shutoff valves, pressure relief valves, excess flow valves, breakaway couplings, quick release couplings)

33. Gas Water Heaters

34. Gas Burners for Industry

35. Gas Boilers

36. Gas Washing Machines and Dryers

37. CNG, LPG, and Cryogenic Hoses, Tubes, Pipes, and Fittings

38. CNG Truck Heads

39. Gas Leak Detectors

40. Gas Air Conditioners

41. Cylinder Refurbishment Equipment

42. Blending Skid/Unit

43. Odorizing Unit

44. Chromatography Unit (GC)

45. LNG Liquefying Equipment, Heat Exchangers, LNG Vaporizers, Regassification Plants, Liquefied CNG Compression Terminals

46. LNG Plant Machinery, Pumps, Compressors, Filters (including Gas Filters), Weighing Machines, Valves Equipment

47. Cryogenic Storage Tanks, Liquefied CNG Conversion Tanks

48. Pipes, Piping Fittings, Flanges used for Liquefied Natural Gas processing

49. Electrical Equipment, including Cables for LNG processing

50. Steel Plates, Angles, Bars for LNG Processing

51. LNG Related Chemicals

52. Biogas Digesters

53. Biogas Compressors

54. De-sulfurization Units

55. Dryers

56. Distillation Columns for Processing Biofuels

57. Bio-ethanol Refinery Equipment

58. Fermentation Tanks

59. Biofuel-related Chemicals, Enzymes, and Reagents

60. Liquefied Petroleum Gas

61. Compressed Natural Gas

62. Feed Gas

63. Automotive Gas Oil

This initiative reflects the government’s ongoing efforts to navigate the challenges posed by the removal of fuel subsidies, which have led to increased costs of living and product prices across the country.

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