No fewer than twenty basic food items have been exempted from the increased Value-Added Tax (VAT).
Naija News reports that the 20 basic food items exempted from the increased VAT were made known in a statement issued by Laolu Akande, the Senior Special Assistant to the President on Media & Publicity, Office of the Vice President.
Akande said the exemption was made in efforts towards ensuring that the cost of living did not rise for Nigerians because of the changes in the Value-Added Tax.
His words: “To allay fears that low-income persons and companies would be marginalised by the new law, reduce the burden of taxation on vulnerable segments, and promote equitable taxation, the Finance Act 2019 had extended the list of goods and services exempted from VAT, it stated.
“Basic food items –additives (honey), bread, cereals, cooking oils, culinary herbs, fish, flour and starch, fruits (fresh or dried), live or raw meat and poultry, milk, nuts, pulses, roots, salt, vegetables, water (natural water and table water).
“Locally manufactured sanitary towels, pads or tampons,” the Presidential aide said.
“services rendered by microfinance banks, tuition fees relating to nursery, primary, secondary and tertiary education,” he added.
Source: Naija News