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Customs Implement Zero-Tariff On Imported Pharmaceutical Inputs - 234Radio 234Radio | ...exporting Africa to the world

Customs Implement Zero-Tariff On Imported Pharmaceutical Inputs

Customs Implement Zero-Tariff On Imported Pharmaceutical Inputs

Important pharmaceutical raw materials have been subject to a two-year exemption from import duties and value-added taxes (VAT) from the Nigeria Customs Service (NCS).

The NCS National Public Relations Officer, Abdullahi Maiwada, made this disclosure in a statement on Wednesday.

According to Maiwada, an Assistant Comptroller of Customs, the policy is in line with President Bola Tinubu’s approval of guidelines to support local pharmaceutical production and lower costs for healthcare.

Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits (RADIs), reagents, and other essential raw materials used in the production of medicines) are subject to the tax exemption, according to the statement.

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The statement states that the action is in line with the president’s executive order to promote local healthcare manufacturing, lower production costs, and attract investment. Tinubu formally approved the order through Wale Edun, the Coordinating Minister of Economy and Finance.

According to Customs, the exemption will cover raw materials used to make essential medicines, such as APIs and excipients. Long-lasting insecticidal nets (LLINs), quick diagnostic kits, reagents, and packaging materials are some examples.

The NCS will compile quarterly reports outlining all importations made under this policy, including information on importers, quantities, and values, to ensure that the policy’s implementation is in line with its intended goals, according to the statement.

The Nigeria Customs Service continues to support government initiatives while carrying out its responsibilities to promote international trade, strengthen border security, and advance national development.

According to NCS, all stakeholders, including importers, manufacturers, and relevant government agencies, need to collaborate for the successful implementation of the policy.

Source: Channels TV

 

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