The Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, issued a Circular dated Thursday, April 30, 2020 conveying the approval by President Muhammadu Buhari of the implementation of new fiscal policy measures aimed at facilitating the importation of essential medical supplies to combat the Coronavirus (COVID-19) pandemic in Nigeria.
Specifically, the circular exempts importers of specified medical supplies from payment of import duties and value added tax (VAT) on such items for a six-month period in the first instance, with effect from May 1, 2020.
Wole Obayomi, Partner & Head, Tax, Regulatory & People Services, KPMG in Nigeria, said the decision is “a step in the right direction”.
He hopes that the importers of these products will pass down the benefits of this decision to the healthcare institutions dealing with Covid-19 cases in Nigeria.
Federal Government’s circular contains the relevant Customs Harmonised System Classification Codes for each exempt item and, directs the Nigeria Customs Service (NCS) to expedite clearance of the medical supplies in line with Standard Operating Procedures for clearing humanitarian and relief materials.
The items include Covid-19 test kits and apparatus, protective garments, thermometers, disinfectants/sterilisation products, other medical devices and medical consumables.
