WebJun 4, 2024 · By the VAT Modification Order (a gazetted copy of which became available in the public domain earlier this week), the Minister has modified the provisions of the First Schedule to the VAT Act by adding to, and expanding the list of goods and services specified therein and designated as being exempt from VAT. Goods and Services … WebAug 3, 2024 · In Nigeria, Value Added Tax (VAT) is a consumption tax levied at the rate of 7.5% on goods and services supplied to consumers for a fee. From a joint reading of the Value Added Tax Act 1993, the …
How To Calculate VAT (Value Added Tax) in Nigeria
WebAug 7, 2024 · The standard rate of tax is currently 5% of invoice value of goods and services except items specifically stated as exempt or zero-rated. The VAT system in Nigeria is administered by the Federal ... WebJan 19, 2024 · Basic food items additives that have been added to the VAT exemption list are honey, bread, cereals, cooking oils, culinary herbs, fish, flour and starch, fruits (fresh or dried), live or raw meat and poultry, milk, … bzoj3439
FG lists items exempted from VAT by Finance Act
WebThe VAT Act specifically exempts certain goods and services from VAT. The following are the goods exempted from VAT in Nigeria: Baby products Basic food items All exports Agricultural equipment and products Locally manufactured sanitary towels Plants and machinery used in the Export Processing Zone (EPZ) WebThe Circular provides that only the income of FIs arising from charges, such as commissions and fees, for services provided to customers will be liable to VAT. Therefore, incomes from activities that constitute return on investments or consideration for … WebAug 15, 2024 · August 15, 2024. “Goods That Are Exempted From VAT Payment In Nigeria” You are not to pay Valued Added Tax (VAT) on any of the goods mentioned below: 1. All medical and pharmaceutical products 2. Basic food items 3. Books and educational materials 4. Baby products 5. bzoj3337