Basic Food Items Exempted From Vat In Nigeria The Federal Government has announced the exemption of 63 items from Value Added Tax VAT as part of its latest fiscal reforms This was revealed by the Chairman of the Presidential Committee
Zero percent 0 duty rate and value added tax VAT exemption on selected basic food items This is in furtherance of government s policy to enhance food supply in the country and reduce the soaring prices of foodstuffs The Value Added Tax Act VATA provides a a list of items exempt from the charge These items include All medical and pharmaceutical products Basic food items Books and educational materials Baby products Medical services All exported services etc
Basic Food Items Exempted From Vat In Nigeria
Basic Food Items Exempted From Vat In Nigeria
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The Order however states that food items sold in restaurants hotels eateries lounges and other similar premises or by contractors caterers and other similar vendors are NOT VAT exempt From a joint reading of the Act the Finance Act 2019 and the Value Added Tax Act Schedule Modification Order 2020 the following are exempted from VAT all medical and pharmaceutical products basic food items books and educational materials including educational performances and tuition from nursey to tertiary education baby products
Nigeria s Ministry of Finance has reportedly issued the Value Added Tax Modification Order 2020 which clarifies and expands the list of VAT exempt goods as per amendments made by the Finance Act 2019 including an exemption for basic food items The Nigeria Customs Service NCS released guidelines for the implementation of the zero percent 0 duty rate and value added tax VAT exemption on selected basic food items
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In a bid to ensure that the cost of living does not rise for Nigerians because of the changes in the Value Added Tax several basic food items locally manufactured sanitary towels pads and tuition relating to nursery primary secondary and tertiary education have been added to the exemption list of goods and services on the VAT under the The Federal Government FG has exempted about 20 basic food items and some other transactions items from the new 7 5 Value Added Tax VAT as it s set to kick off new policy on February 1 The list of exempted items includes additives honey bread cereals cooking oils culinary herbs fish flour and starch fruits fresh or dried
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The Federal Government has announced the exemption of 63 items from Value Added Tax VAT as part of its latest fiscal reforms This was revealed by the Chairman of the Presidential Committee
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Zero percent 0 duty rate and value added tax VAT exemption on selected basic food items This is in furtherance of government s policy to enhance food supply in the country and reduce the soaring prices of foodstuffs
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Basic Food Items Exempted From Vat In Nigeria - The Order however states that food items sold in restaurants hotels eateries lounges and other similar premises or by contractors caterers and other similar vendors are NOT VAT exempt
