{"id":58205,"date":"2024-12-19T08:57:12","date_gmt":"2024-12-19T08:57:12","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=58205"},"modified":"2024-12-19T08:57:12","modified_gmt":"2024-12-19T08:57:12","slug":"customs-announces-vat-removal-on-lpg-cng","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/12\/19\/customs-announces-vat-removal-on-lpg-cng\/","title":{"rendered":"Customs Announces VAT Removal on LPG, CNG"},"content":{"rendered":"<p><em><strong>By Patrick Idowu<\/strong><\/em><\/p>\n<p>The Nigeria Customs Service (NCS), has announced the removal of Value Added Tax (VAT), on Liquefied Petroleum Gas (LPG), and Compressed Natural Gas (CNG), along with the implementation of zero per cent import duty on these products.<\/p>\n<p>The announcement was made by NCS National Public Relations Officer, Abdullahi Maiwada, in a statement issued yesterday.<\/p>\n<p>The statement highlighted that this move is part of President Bola Ahmed Tinubu\u2019s efforts to enhance Nigeria\u2019s investment climate and boost domestic gas utilization, under the Presidential Gas for Growth Initiative.<\/p>\n<p>According to the statement, in line with the Customs and Excise Tariff Act, machinery, equipment, and spare parts for Nigerian gas utilization will now attract a zero per cent import duty.<\/p>\n<p>This includes all equipment related to CNG and LPG.<\/p>\n<p>Additionally, VAT will be removed from items such as feed gas for processed gas, CNG, imported LPG, CNG equipment components, conversion and installation services, LPG equipment components, and related infrastructure for the expansion of CNG, LPG, and the Presidential CNG Initiative.<\/p>\n<p>Importers wishing to benefit from these incentives must obtain an Import Duty Exemption Certificate (IDEC), from the Federal Ministry of Finance and a letter of support from the Office of the Special Adviser to the President on Energy.<\/p>\n<p>The NCS also clarified that LPG imports under specific HS Codes (2711.12.00.00, 2711.13.00.00, and 2711.19.00.00) are now exempt from both import duty and VAT.<\/p>\n<p>As a result, the NCS will withdraw all debit notes issued to petroleum marketers who imported LPG under these codes from August 26, 2019, to date, in line with prior approvals.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Patrick Idowu The Nigeria Customs Service (NCS), has announced the removal of Value Added Tax (VAT), on Liquefied Petroleum Gas (LPG), and Compressed Natural Gas (CNG), along with the implementation of zero per cent import duty on these products. The announcement was made by NCS National Public Relations Officer, Abdullahi Maiwada, in a statement [&hellip;]<\/p>\n","protected":false},"author":29,"featured_media":58206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[59],"class_list":["post-58205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/58205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=58205"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/58205\/revisions"}],"predecessor-version":[{"id":58207,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/58205\/revisions\/58207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/58206"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=58205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=58205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=58205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}