List of commodities exempted from VAT

List of commodities exempted from VAT

- President Buhari says not all product and commodities will feel the impact of the new tax

- According to Buhari, brown and white bread; cereals including maize, rice, wheat, millet, barley and sorghum; fish of all kinds; flour and starch meals will be excluded from the VAT

- The president also said pharmaceuticals, educational items, and basic commodities are already exempted

President Muhammadu Buhari has disclosed that not all products and commodities will be captured in the new tax regime of the country.

The president disclosed this when he presented the 2020 Appropriation Bill to the joint session of the National Assembly in Abuja.

According to him, the VAT Act already exempts pharmaceuticals, educational items, and basic commodities, saying the exemptions are being expanded under the Finance Bill 2019, The News Agency (NAN) of Nigeria reports.

Buhari also listed specific items that would be exempted from the proposed VAT as follows.

1. Brown and white bread

2. Cereals including maize

3. Rice

4. Wheat

5. Millet

6. Barley

7. Sorghum

8. Fish of all kinds

9. Flour and starch meals

10. Fruits

11. Nuts

12. Pulses and vegetables of various kinds;

13. Roots such as yam, cocoyam, sweet and Irish potatoes

14. Meat and poultry products including eggs; Milk; Salt

15. Herbs of various kinds

16. Natural water and table water

Legit.ng however cannot independently verify as at the time of filing this report if there are other commodities exempted apart from the above mentioned.

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Legit.ng had earlier reported that Buhari said the Finance Bill 2019 he forwarded to the National Assembly, when passed into law, would permit government to raise the country’s Value Added Tax (VAT) from 5 to 7.5 per cent.

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Source: Legit.ng

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