BEVERLY HILLS, September 25, (THEWILL) – The Federal Ministry of Finance, Budget and National Planning (FMFBNP) has announced the Presidential approval of a 1 year deferment of taxes for the importation of meters.
In a circular released by the Ministry, the approval covers the application of the 35% Import Adjustment Tax (IAT) levy imposed on fully built unit (FBU) of electricity meters (HS Code: 9028.30.00.00) under the 2019 Fiscal Policy Measures.
The approval, which took effect from 20 August 2020, is to support the Nigerian Electricity Regulatory Commission (NERC) in the roll out of 3 million electricity meters under the Meter Asset Provider (MAP) Scheme.
It added that the importation of the 3 million electricity meters under HS Code: 9028.30.00.00 at the approved 10% import duty rate without levy shall be subject to consideration and approval by the FMFBNP after recommendations from NERC.
