FG Plans Zero VAT For Pharmaceuticals

Spread the love

The Federal Government on Wednesday said it has finalised the Executive Order to implement zero Value-Added Tax and excise duties on pharmaceutical products and medical devices.

Disclosing this in a statement, the spokesman of the Federal Ministry of Health and Social Welfare, Alaba Balogun, said finalisation of the Executive Order’s harmonised implementation framework has now been cleared for gazetting.

“This critical step ensures that the Federal Inland Revenue Service and the Nigeria Customs Service can proceed with the implementation of zero VAT and excise duties on pharmaceutical products and medical devices,” he said.

“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.

“This development aligns with the Ministry’s unwavering commitment to reducing both the physical and financial pain faced by millions of Nigerians who depend on these critical health supplies.”

According to the statement, the gazetting of the harmonised implementation framework represents the realisation of the third pillar of the Ministry’s four-point agenda, which focuses on unlocking the healthcare value chain.

This comes about four months after the Coordinating Minister of Health and Social Welfare, Prof Muhammad Pate, announced that President Bola Tinubu signed an executive order to increase local production of healthcare products, including pharmaceuticals, diagnostics, devices such as needles and syringes, biologicals, medical textiles, and others.

Leave a Reply

Your email address will not be published. Required fields are marked *

Social Media Auto Publish Powered By : XYZScripts.com