In alignment with President Bola Ahmed Tinubu GCFR’s commitment to
\nenhancing Nigeria’s investment climate and increasing domestic gas utilisation, the
\nNigeria Customs Service (NCS) announces the implementation of fiscal incentives
\nunder the Presidential Gas for Growth Initiative.<\/p>\n
Pursuant to Part 1, Section 5 of the Customs and Excise Tariff Act, machinery,
\nequipment, and spare parts imported for Nigerian gas utilisation are now subject to
\na zero percent (0%) import duty rate. This exemption encompasses all equipment
\nrelated to Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG)
\nimported into Nigeria.<\/p>\n
In addition, the following items are now zero-rated for Value Added Tax
\n(VAT): feed gas for all processed gas, Compressed Natural Gas, imported Liquefied
\nPetroleum Gas, CNG equipment components, conversion and installation services,
\nLPG equipment components, conversion and installation services, and all equipment
\nand infrastructure related to the expansion of CNG, LPG, and the Presidential CNG
\nInitiative, including conversion kits.<\/p>\n
It is pertinent to note that importers seeking to benefit from these incentives
\nmust obtain an Import Duty Exemption Certificate (IDEC) from the Federal Ministry
\nof Finance and a letter of support from the Office of the Special Adviser to the
\nPresident on Energy.<\/p>\n
Furthermore, the importation of LPG under HS Codes 2711.12.00.00,
\n2711.13.00.00 and 2711.19.00.00 are exempted from both Import Duty and VAT.
\nConsequently, all Debit Notes issued to petroleum marketers who have imported
\nLPG using these codes from August 26, 2019, to date will be withdrawn by the NCS
\nin line with previous approvals.<\/p>\n
These measures are designed to ameliorate the cost of living, bolster energy
\nsecurity, and accelerate Nigeria\u2019s transition to cleaner energy sources. The NCS,
\nunder the leadership of the Comptroller General of Customs, Bashir Adewale
\nAdeniyi MFR is committed to the effective implementation of these incentives and
\nurges all stakeholders to ensure strict and prompt compliance.<\/p>\n","protected":false},"excerpt":{"rendered":"
In alignment with President Bola Ahmed Tinubu GCFR’s commitment to enhancing Nigeria’s investment climate and increasing domestic gas utilisation, the Nigeria Customs Service (NCS) announces the implementation of fiscal incentives under the Presidential Gas for Growth Initiative. Pursuant to Part 1, Section 5 of the Customs and Excise Tariff Act, machinery, equipment, and spare parts […]<\/p>\n","protected":false},"author":2,"featured_media":6368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-7092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas"],"_links":{"self":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/comments?post=7092"}],"version-history":[{"count":1,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7092\/revisions"}],"predecessor-version":[{"id":7093,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/posts\/7092\/revisions\/7093"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media\/6368"}],"wp:attachment":[{"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/media?parent=7092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/categories?post=7092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/peoplesforumonline.com.ng\/about\/wp-json\/wp\/v2\/tags?post=7092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}