FG Implements Zero VAT on Imported Pharmaceutical Products to Boost Local Manufacturing

• President Bola Tinubu signed an executive order on June 28 to introduce zero tariffs, excise duties, and VAT on imported pharmaceutical inputs
• The move is aimed at revitalizing the Nigerian health sector and increasing the production of healthcare products
• The zero percent VAT on pharmaceutical products has been cleared for gazetting
• The initiative is expected to enhance the operational capacity of local pharmaceutical manufacturers and reduce the prices of essential healthcare supplies
• The Federal Inland Revenue Service and Nigeria Customs Service will implement tax exemptions to benefit local producers
• The scheme will alleviate the financial burden on Nigerians reliant on critical health supplies and improve healthcare access and affordability
• The initiative is a critical milestone towards fostering a healthier, more self-reliant nation
• The gazetting of the harmonized implementation framework is a key achievement in the ministry’s agenda to unlock the healthcare value chain
• The initiative is viewed as a positive step towards stabilizing the pharmaceutical market and ensuring essential medications and medical devices are available at lower costs

Source: thecable.ng

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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