Pharmaceutical manufacturers have expressed worry over the recent introduction of 7.
5% Value Added Tax on packaging and essential raw materials by the Federal Government, warning that it could further put locally manufactured drugs at competitive disadvantage with imported ones.
He added that the main objective of the value-added tax modification order was to provide a clear definition of each item listed in the first schedule to the VAT Act through an extended list of the items so exempted. “These items shall continue to be liable to VAT at 7.5% until otherwise provided in an appropriate statutory instrument.
However, National Chairman of Pharmaceutical Manufacturers Group of Manufacturers Association of Nigeria, Dr. Fidelis Ayebae, has described the new 7.5% VAT regime as “policy somersault” that could further spike the cost of essential drugs in the country.
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