The Federal government of Nigeria has announced the removal of value added tax (VAT) and customs duty on cooking gas imports.
In an official statement released by the Ministry of Finance, it was reported that the FG has decided to remove VAT and customs duty on the importation of cooking gas, also known as liquefied petroleum gas (LPG).
This decision was made to reduce the cost across the country following the hike in the price of cooking gas in the past few months.
The statement read:
"In line with His Excellency, President Bola Tinubu's commitment to improving the investment climate in Nigeria, increasing the supply of LPG to meet local demand, reducing market prices, and promoting clean cooking practices, I hereby affirm Presidential directive dated July 29, 2022, with reference number PRES/88/MPR/99.
Accordingly, the importation of LPG utilizing HS Codes 2711.12.00.00, 2711.13.00.00 and 2711.19.00.00 is exempt from Import Duty and Value-Added Tax. Consequently, the Importation of LPG shall incur a 0% duty rate and 0% VAT rate, effective immediately."
In an official statement released by the Ministry of Finance, it was reported that the FG has decided to remove VAT and customs duty on the importation of cooking gas, also known as liquefied petroleum gas (LPG).
This decision was made to reduce the cost across the country following the hike in the price of cooking gas in the past few months.
The statement read:
"In line with His Excellency, President Bola Tinubu's commitment to improving the investment climate in Nigeria, increasing the supply of LPG to meet local demand, reducing market prices, and promoting clean cooking practices, I hereby affirm Presidential directive dated July 29, 2022, with reference number PRES/88/MPR/99.
Accordingly, the importation of LPG utilizing HS Codes 2711.12.00.00, 2711.13.00.00 and 2711.19.00.00 is exempt from Import Duty and Value-Added Tax. Consequently, the Importation of LPG shall incur a 0% duty rate and 0% VAT rate, effective immediately."