President Muhammadu Buhari has signed into law an act that sees certain items exempted from the Value Added Tax (VAT). This is to ensure that the cost of living does not rise for citizens due to the changes in VAT.
The Bill was signed on the 13th January 2020.
Some exempted items include:
- Locally produced sanitary towels/pads
- Food additives
- Cooking oils
- Culinary herbs
- Flour and starch
- Fruits (fresh or dried)
- Live or raw meat and poultry
- Water (natural water and table water)
- Roots such as yam, cocoyam, sweet and Irish potatoes
- Services rendered by microfinance banks
- Tuition relating to
nursery, primary, secondary and tertiary education.
All of the above have been exempted from the new VAT changes.
“The Finance Bill will support the funding and implementation of the 2020 Budget. We shall sustain this tradition by ensuring that subsequent budgets are also accompanied by a Finance Bill.” – President Buhari Find out more details about VAT exempted items and bank orders here.
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