FG Waives Import Duties on EVs, Mass Transit Buses, Machinery to Boost Economy

The Federal Government has introduced new fiscal measures to ease economic pressure and curb inflation, including waiving import duties on electric vehicles, mass transit buses, and manufacturing machinery.

This move is expected to lower production costs, boost industrial activity, and support cleaner mobility alternatives.

Key changes include:Electric Vehicles (EVs): Import duties reduced from 5% to 0%Mass Transit Buses: Full duty exemption, down from 5% to 0%Manufacturing Machinery: Levy scrapped, falling from 5% to 0%Passenger Vehicles: Duties reduced from 70% to 40%Bulk Rice: Tariffs cut from 70% to 47.5%Crude Palm Oil: Duties reduced from 35% to 28.75%A 90-day transition phase began April 1, allowing markets to adjust gradually.

These measures aim to support businesses, improve affordability, and boost industrial activity