Import duty exemption granted: The Nigeria Customs Service (NCS) has waived import duties and Value Added Tax (VAT) on critical raw materials that are essential to pharmaceutical production over the next two-year period.
Abdullahi Maiwada made the announcement in Abuja on March 26, 2013.
Maiwada explained the waiver as part of the comprehensive guidelines that Mr Wale Edun (Minister of Finance and Coordinating minister of the Economy) approved to achieve the goals of the Presidential directives.
Import duty exemption granted: This exemption, according to him, covers Active Pharmaceutical Ingredients(APIs), Excipients and other vital raw material required for manufacturing essential medicine, Long-Lasting Insecticidal Nets(LLINs), rapid diagnostic kits, reagents and packaging materials.
To ensure that the fiscal incentives are fully utilized, only manufacturers of pharmaceuticals recognised by Federal Ministry of Health and Social Welfare can apply, as long as they have a valid Tax Identification Number.
This measure will directly benefit legitimate manufacturers who are committed to improving Nigeria’s health infrastructure.
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A spokesperson for the NCS said that it would also compile quarterly reports of all imports under this policy.
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