FG OKAYS ZERO VAT ON PHARMACEUTICAL PRODUCTS. (PHOTO).
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FG okays zero VAT on pharmaceutical products
The Federal Ministry of Health and Social Welfare is set to implement zero Value Added Tax and excise duties on pharmaceutical products and medical devices.
A statement signed on Thursday by the ministry’s Head of Information & Public Relations, Alaba Balogun, said it had finalised the Executive Order Harmonised Implementation Framework, which has now been cleared for gazetting.
It said the critical step would ensure that the Federal Inland Revenue Service and the Nigeria Customs Service could proceed with the implementation of zero VAT and excise duties on pharmaceutical products and medical devices.
“This is a significant milestone, as it opens the door for our local pharmaceutical and medical device manufacturers to begin fully benefiting from the relief measures outlined by His Excellency, President Bola Ahmed Tinubu, in the Executive Order.
“With the implementation of this Executive Order, we anticipate a notable reduction in the prices of essential pharmaceutical products and medical consumables
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