Projects: FEC Approves Portal For Import Duty Exemptions, N40bn For Roads - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
December 12, 2019
The Federal Executive Council FEC has approved thedevelopment of a portal for the management of import duty exemptions andvehicle identification numbers.
The Minister of Finance, Budget and National Planning ZainabAhmed, who announced this at the end of the Council meeting in Abuja, said theportal would enhance efficiency as well as ensure transparency in themanagement of revenue collections in the affected areas.
Zainab further revealed that applicants for import duty taxexemptions would pay a fee of sixty thousand naira.
According to the Minister, some of the exemptions cover anumber of sectors including the downstream gas utilisation projects, theagro-allied processing projects and aviation commercial aircraft engines.
She further revealed that other exemptions included spareparts, automobile assembly, iron and steel production, power including thermalhydro, solar and wind, textile plants, machinery and equipment that areimported for use for mining operations.
Also, the Minister of Works and Housing, Babatunde Fashola,who also spoke on the outcome of FEC meeting, said the Council approved aboutforty billion naira for road projects in Oyo/Ogun, Bauchi and Kano States.