Customs commences implementation of zero tax on imported pharmaceutical inputs for two years
The Nigeria Customs Service (NCS) has commenced the implementation of zero tax on imported pharmaceutical inputs for two years.
In a statement on Wednesday, customs said the implementation commenced after President Bola 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.
The action has the potential to reduce production cost for essential medicines and medical services, directly benefiting patients who struggle with high healthcare costs.
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