The Federal Government of Nigeria (FGN) has unveiled a new tax regime that will minimise the cost of doing business, improve the cost of living and promote cleaner energy.
Consequently, Value Added Tax (VAT) on cooking gas, diesel, Compressed Natural Gas (CNG) and electric vehicles, among others, have been removed.
To this effect, small businesses will also, beginning in January, be exempted from paying taxes to boost income and employment generation.
In his verified X handle @DOlusegun, Presidential aide, Dada Olusegun, said, “As part of efforts to reduce the cost of living, enhance energy security, and speed up Nigeria’s shift to cleaner energy sources, the President Tinubu-led administration has removed VAT on the following: Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, Clean Cooking Equipment.”
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