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FULL LIST: 63 items exempted from VAT under new fiscal reforms by Tinubu

Published

4 weeks ago

October 4, 2024

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The Federal Government has announced the exemption of 63 items from Value-Added Tax (VAT), as part of its latest fiscal reforms.

This was revealed by the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, via a post on X (formerly Twitter) on Friday.

The exemptions are outlined in the official ‘Value Added Tax (Modification) Order, 2024,’ dated September 3, 2024.

The announcement follows the recent introduction of fiscal concessions aimed at revitalising Nigeria’s oil and gas sector, as disclosed by the Finance Minister and Coordinating Minister of the Economy, Wale Edun.

The two key incentives unveiled include the VAT modification order and tax reliefs for deep offshore oil and gas production, as per the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.

Additionally, the official gazette specifies that the provisions concerning Automotive Gas Oil (AGO) are retroactive, taking effect from October 1, 2023.

READ UPDATED: Tinubu succumbs to pressure, upgrades Reps Speaker Abbas to GCON

It would be recalled that it was earlier revealed that President Bola Tinubu may bar revenue-generating agencies from collecting revenues on behalf of the Federal Government as he plans to introduce a single agency—the Nigeria Revenue Service—to handle the task.

This came as the Federal Government instituted a comprehensive set of fresh tax reforms aimed at significantly boosting revenue collection.

In September 2024, FEC approved economic stabilisation bills and proposed 10 changes to spur economic growth.

Here is a full list of the items exempted from VAT:

CNG/LPG Dual Fuel Vehicles
Dedicated LPG Vehicles and CNG/LPG Dual Fuel Vehicles
Parts, and semi-knocked down units (for assembly) of CNG and LPG buses.
Parts, and semi-knocked down units (for assembly) of Electric Vehicle
Electric Vehicles
Electric Vehicles Battery
Electric Vehicles Charging System
Electric Vehicle Solar Charging System
LPG/CNG Conversion Kits
CNG Cylinders
CNG Cascades
CNG Dispensers
Gas Generators
CNG Trucks (Bobtails and Bridgers; fixed axle and semi-trailers
Steel Pipes
Steel Valves & Fittings
SS Tubes & Fittings
Storage Tanks (all sizes)
Regulators
CNG Pumps and Compressors (all types)
Steel
Pressure Relief Valves
Hydraulic press/Rolling machine
Heat Treatment Equipment
Liquid Level Guage
Pumping Housing and Motors
Regulator Body
Pressure Guage
Truck Chassis
Metering and Measuring Equipment (including weighbridges, and filling scales)
Dispensing equipment (dispensing scales, nozzles, gas filling systems)
Safety Features (emergency shutoff valves, pressure relief valves, excess flow valves, breakaway couplings, quick release couplings)
Gas water heaters
Gas burners for industry
Gas boilers
Gas washing machines and dryers (launderettes) Household or laundry-type washing machines, including machines which both wash and dry.
CNG, LPG and Cyrogenic Hoses Tubes, pipes and hoses, and fittings thereof (for example, joints, elbows, flanges) of plastics.
CNG truck heads
Gas Leak Detectors
Gas air conditioners
Cylinder refurbishment equipment
Blending skid/unit
Odourizing unit
Chromatography unit (GC)
LNG Liquefying Equipment, Heat Exchangers, LNG Vapourizers, Regasification
Plant, Liquefied CNG Compression Terminals
LNG Plant, Machinery, Pumps, Compressors, Filters (Including Gas Filters),
Weighing Machines, Valves Equipment
Cyrogenic Storage Tanks, Liquefied CNG Conversion tanks
Pipes, Piping Fittings, and Flanges used for Liquefied Natural Gas processing
Electrical Equipment, including Cables for Liquefied Natural Gas processing
Steel Plates, Angles, and Bars for Liquefied Natural Gas Processing
LNG Related Chemicals
Biogas Digester
Biogas Compressor
De-sulphurization units
Dryer
Distillation columns for processing biofuels
Bio-ethanol refinery equipment
Fermentation Tanks
Biofuel-related Chemicals, Enzymes and Reagents
Liquefied Petroleum Gas
Compressed Natural Gas
Feed Gas
Automotive gas oil

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Police detain VeryDarkMan after honouring invitation

Published

20 mins ago

November 1, 2024

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Deji Adeyanju, the Nigerian lawyer, says the police have detained VeryDarkMan, the social media critic.

In a Twitter post on Thursday evening, the lawyer said the activist, born Martins Otse, was detained after honouring the police invitation.

Adeyanju lamented that his client was taken into custody despite cooperating with the police authorities.

“Our client, VDM has been detained after honouring police invitation just like yesterday. VDM who has been consistent in saying the Nigerian Police are our friends even when we all know they are not,” the tweet reads.

The development comes after VeryDarkMan shared a video of himself in a matching suit. In the footage, he said he was heading to the police station in Abuja to respond to the invitation.

Trouble began when VeryDarkMan wore a police uniform and introduced himself as the “chief superintendent of police (CSP) of the online division”.

The police said it would launch an investigation to determine the source of the police gear used and the authority under which the activist acted.

READ UPDATED: Tinubu succumbs to pressure, upgrades Reps Speaker Abbas to GCON

VeryDarkMan would later apologise to the police while emphasizing that he didn’t intend to impersonate the law enforcement agency.

The fitness expert had also revealed that he returned from the police station where he was interrogated based on the controversial footage.

The police have yet to confirm VeryDarkMan’s detention or provide further details.

News

We secured over 3,000 convictions, recovered N248bn, $105m in one year – EFCC

Published

27 mins ago

November 1, 2024

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The Economic and Financial Crimes Commission (EFCC) says it recovered over N248 billion, $105 million, and secured 3455 convictions in one year.

Ola Olukoyede, chairman of EFCC, spoke in Abuja on Thursday during a press conference to mark his one year in office.

Represented by Wilson Uwujaren, EFCC’s director of public affairs, Olukoyede said the achievements were recorded between October 18, 2023, and October 18, 2024, when he assumed office.

“The commission within the year recovered N248, 750,049,365.52; $105,423,190.39; £53,133.64; €172,547.10; T1,300.00 Indian rupees and CAD $3,400.00 Canadian dollars,” he said.

“It also recovered ¥74,859:00 Chinese Yuan; AUS $ 740:00 Australian Dollars; 170:00 UAE Dirham; 73,000:00 Korean Won; CFA 7,821,375:00 and R 50:00 South Africa Rands.

“On asset recovery and return, the EFCC on Sept. 6 handed over to the Royal Canadian Mounted Police (RCMP) the sum of $180,300 and 53 vehicles, being assets recovered for Canadian victims of Nigerian fraudsters.”

READ Kwankwaso won’t step down for Atiku, Tinubu — NNPP

The EFCC chairman said $164,000 of the recovered cash assets was from one Elena Bogomas, while $16,300 belonged to another victim, known as Sandra Butler.

He added that about 53 vehicles recovered “were stolen over a period of time in Canada, freighted to Nigeria, and distributed to multiple locations in Nigeria by the criminal elements”.

He said the commission charged four former governors to court over corruption allegations in the past year.

The former governors are Yahaya Bello, Abdulfatah Ahmed, Willie Obiano, and Darius Ishaku.

Olukoyede said the commission also arrested two former ministers of power, Saleh Mamman and Olu Agunloye, who are currently facing prosecution.

“Also, a former minister of aviation, Hadi Sirika, is currently standing trial before two different courts: Justice S.B. Belgore of the FCT high court, Garki, and Justice Sylvanus Oriji of the FCT high court, Maitama,” he said.

He said Sirika is being prosecuted alongside his brother, Ahmad Sirika, and two companies, Enginos Nigeria Limited and Samahah Integrated Investment Limited, on 10 counts bordering on alleged N5.8 billion fraud.

READ Presidential election tribunal: Olanipekun defends Tinubu’s victory in final written address

He added that the former minister is also standing trial for six counts alongside Fatima Sirika, Jalal Hamma, and Al Buraq Global Investment Limited over alleged N2.8 billion fraud.

JUST IN: NSIB locates wreckage of crashed helicopter in Port Harcourt

Published

9 hours ago

October 31, 2024

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The Nigerian Safety Investigation Bureau (NSIB) says its search and recovery teams have successfully located the wreckage of the ditched Sikorsky SK76 helicopter.

In a statement on Thursday, Bimbo Olawumi Oladeji, NSIB’s director of public affairs and family assistance, said the wreckage was identified during recovery dives conducted on Wednesday night.

Details later…