The Value Added Tax Act in Nigeria exempts pharmaceuticals, educational items, and basic commodities.
President muhammadu while presenting the 2020 budget at the National Assembly on Tuesday, stated that VAT exemptions are expanding under the Finance Bill, 2019. He noted specifically that section 46 of the Finance Bill, 2019 expands the exempt items to include some more items including food.b. Cereals including maize, rice, wheat, millet, barley and sorghum;e. Fruits, nuts, pulses and vegetables of various kinds;g.
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.
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