VATupdate

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FG Approves Zero VAT on Pharmaceutical Products to Boost Medicine Exports

  • Federal Ministry of Health and Social Welfare to implement zero VAT and excise duties on pharmaceutical products and medical devices
  • Executive Order Harmonised Implementation Framework cleared for gazetting
  • Local pharmaceutical and medical device manufacturers to benefit from relief measures outlined by President Bola Ahmed Tinubu
  • Anticipated reduction in prices of essential pharmaceutical products and medical consumables
  • Ministry’s commitment to reducing physical and financial pain faced by Nigerians
  • Gazetting of Harmonised Implementation Framework represents realization of ministry’s agenda to unlock healthcare value chain
  • Environment created to support local manufacturers for a healthier, more self-reliant nation
  • Copies of Harmonised Implementation Framework to be distributed to relevant government agencies for immediate action
  • President Bola Ahmed Tinubu’s commitment to improving healthcare sector and supporting local industries appreciated

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.

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