Nigeria Customs Service (NCS) has commenced implementation of zero tax on imported pharmaceutical inputs.
Gatekeepers News reports that customs in a statement by Abdullahi Maiwada, Assistant Comptroller of Customs National Public Relations Officer (PRO) on Wednesday, noted that the implementation will be done for two years.
According to NCS; the policy commenced after President Bola Ahmed Tinubu approved comprehensive guidelines for the exemption of import duty and value-added tax (VAT) on critical raw materials used in the manufacturing of pharmaceutical products.
It noted that the tax exemption applies to Active Pharmaceutical Ingredients (APIs), excipients, and other essential raw materials used in producing medicines, Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits, reagents, and packaging materials.
NCS added that only manufacturers recognized by the Federal Ministry of Health and Social Welfare and possessing a valid Tax Identification Number (TIN) are eligible for the exemption.
The agency said it will compile quarterly reports detailing importers, quantities, and values of imported items under this policy, to ensure transparency.
