FG Approves One Year Tax Waiver For Import Of Electricity Meters

In an effort to guarantee steady electricity supply, President Muhammadu Buhari has approved a one-year deferment of the 35 percent import adjustment tax (levy) imposed on fully built unit (FBU) electricity meters with HS Code 9028.30.00.00 under the 2019 fiscal policy measures for the implementation of Economic Community of West African States (ECOWAS) Common External Tariff (CET) 2017 – 2022.
The approval, according to the Finance Minister, Mrs Zainab Ahmed, was to support the Nigerian Electricity Regulatory Commission (NERC) in rolling out three million electricity meters, which is under the Meter Asset Provider (MAP) framework.
The request had made reference to a 35 percent import adjustment tax (levy) which was approved in 2015 on the importation of FBU electricity meters which attracted 10 percent import duty rate in the ECOWAS CET.
According to Ahmed, “the 35 percent levy was imposed on the recommendation of the Federal Ministry of Industry, Trade and Investment, to encourage local production, as well as protect investments in the local assembly of electricity meters.