FG ready to implement zero VAT, excise duty on pharmaceutical products

The Federal Ministry of Health and Social Welfare has announced the completion of the Executive Order Harmonized Implementation Framework, marking a significant step towards the full implementation of zero VAT and excise duties on pharmaceutical products and medical devices.

This forms part of relief measures outlined by President Bola Tinubu in the recently issued Executive Order.A statement signed by the Director of Information and Public Relations of the Federal Ministry of Health and Social Welfare, Alaba Balogun says with the finalization, the Federal Inland Revenue Service and the Nigeria Customs Service are have been given the go-ahead to fully implement the approved tax reliefs, following the gazetting of the framework.

This is expected to lead to a reduction in the prices of essential pharmaceuticals and medical consumables, easing the financial burden on millions of Nigerians reliant on these critical health supplies.The Ministry highlighted that this move represents a crucial part of its four-point agenda, particularly the third pillar, which focuses on unlocking the healthcare value chain.

The statement also says the gazetted copies of the framework will be distributed to relevant government agencies, including FIRS and Customs, for immediate action.

Editor Oloyede Oworu