The order also expands the definition of “petroleum products.”
The Value Added Tax (VAT) (Modification) Order, 2024 (signed on September 1, 2024, and published in the official gazette No. 149, Vol.111 on September 3, 2024) expands the list of VAT-exempt goods and services effective September 1, 2024, to include:
The order also expands the definition of “petroleum products” to mean “feed gas for all processed gas, aviation turbine kerosene, premium motor spirit, automotive gas oil (AGO), household kerosene, locally produced liquefied petroleum gas, compressed natural gas, imported liquefied petroleum gas, and crude petroleum oils.” The provisions relating to AGO are effective October 1, 2023.
Read an October 2024 report prepared by the KPMG member firm in Nigeria