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China reduces import duties, VAT on tech equipment

Even as several strategic telecoms materials are still among the 41 items barred by the Central Bank of Nigeria (CBN) from easy forex access, China’s Finance Ministry has announced downward adjustments of import tariffs and value-added tax (VAT) for imports for some technological equipment from Jan 1.

These include nuclear, oil, gas, coal, petrochemical and aircraft equipment, the Ministry of Finance said on its website.

Business Hilights recalls that leading opinion leaders in the nation’s telecoms sector had argued that the forex restriction on telecoms equipment hobbled network expansion and upgrade plans of Main Network Operators (MNOs) and other sector service providers throughout last year.

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Business Hilights is an online news channel conceptualized and structured to report and track on a daily basis; latest developments in critical business sectors to serve as a one stop news gateway for governments, foreign and indigenous investors.

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