- Pharmaceutical manufacturers in Nigeria are losing up to 8% of their revenue due to delays in implementing the zero-Value Added Tax policy
- The delay in implementing the policy has led to manufacturers having to lower prices without receiving the intended relief
- The executive order to suspend import duties and VAT on pharmaceutical raw materials has not been adopted by the Nigerian Customs Service due to bureaucratic delays
- Rising operational costs, including electricity tariffs and the new minimum wage, have worsened the situation for pharmaceutical manufacturers
Source: punchng.com
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.
Latest Posts in "Nigeria"
- Nigerian Court Upholds VAT Collection by Rideshare Platforms for Food and Transport Services
- House Moves to Place VAT Under Federal Control in Constitutional Amendment Bill
- Nigeria Appoints FIRS as National Peppol Authority to Launch E-Invoicing System
- Nigeria FIRS becomes a Peppol Authority
- Examining VAT Taxation in Nigeria: Landmark Decisions and Implications for Federalism
