2020 Budget : 10 Food Items Excluded From VAT

The Value Added Tax (VAT) Act in Nigeria excludes  pharmaceuticals, educational items, and basic commodities.

President muhammadu in presenting the 2020 budget at the National Assembly, stated that VAT exemptions are expanding under the Finance Bill, 2019.

He stated  specifically that section 46 of the Finance Bill, 2019 expands the exclude items to include some more items including food.

Below are some of the items that are exempted from the VAT act.

a. Brown and white bread;

b. Cereals including maize, rice, wheat, millet, barley and sorghum;

c. Fish of all kinds;

d. Flour and starch meals;

e. Fruits, nuts, pulses and vegetables of various kinds;

f. Roots such as yam, cocoyam, sweet and Irish potatoes;

g. Meat and poultry products including eggs;

h. Milk;

i. Salt and herbs of various kinds; and

j. Natural water and table water.

READ ALSO:  Banker Declared Wanted For Absconding With Customer’s multi-million Savings

The President in his speech added that his proposals also raise the threshold for VAT registration to N25 million in turnover per annum, such that the revenue authorities can focus their compliance efforts on larger businesses thereby bringing relief for Micro, Small and Medium-sized businesses.

According to President Buhari, it is absolutely essential to intensify the nation’s revenue generation efforts.

He notes that his administration remains committed to ensuring that the inconvenience associated with any fiscal policy adjustments, is moderated, such that the poor and the vulnerable, who are most at risk, do not bear the brunt of these reforms.

 

FOLLOW US ON

6,356FansLike
2,035FollowersFollow

TYPE HERE TO QUICK SEARCH FOR JOBS


Got A News , looking for workers, Submit Vacancies, Press Release or Sponsored Publication? Send It To Us Via Email: [email protected] or Call : 07033247217


Click Here To Get Latest Jobs In Your Inbox Everyday

 


SCAM ALERT : EJE’S GIST will Never Ask for MONEY for Job Recruitment or Application


LATEST JOBS IN NIGERIA

DON’T GIVE UP HUNTING FOR JOB, TRUST IN GOD

HOT JOBS,  RECOMMEND FOR YOU

Lagos State 2019/2020 Teachers Recruitment form is out

Ongoing recruitment at National Agency for the Control of AIDS, 11th November 2019 (naca.gov.ng)

Ogun State 2019/2020 Teachers Massive Recruitment Application form is out.

Ogun State Anchor Borrower Program for 10,000 people

Imo State Universal Basic Education Board (IMSUBEB) 2019 Massive Recruitment

Massive Recruitment for Medical & Health workers in Oyo State Hospitals

Graduate Trainee recruitment at Coronation Group, November 2019 ( 7 Positions )

Massive Job recruitment at ipNX Nigeria Limited ( 20 positions )

Nigerian Air Force (NAF) 2019 Massive Recruitment

Massive Recruitment at Nnamdi Azikiwe University Teaching Hospital, 22nd October 2019

Emerald Foods & Beverage Company Limited recruitment for Direct Sales Agents ( 6 States )

Massive Graduate Recruitment at Achieving Health Nigeria Initiative (AHNi), 17th October 2019

PZ Cussons Nigeria Plc Engineering Graduate Trainee Recruitment 2019

 

JOBS BY CATEGORIES

SPONSORED

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.