Home Business Checkout 20 Top Items To Be Excluded From New VAT

Checkout 20 Top Items To Be Excluded From New VAT

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No fewer than twenty key items will be excluded from the newly increased value added tax rate of 7.5%.

The Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, who disclosed this in a statement in Abuja.

He added that the VAT increase would not lead to increase cost of living for Nigerians.

Bittertruth Media reports that the said VAT-excluded items are;

1. Sanitary pads

2. Additives (honey),

3. Bread

4. Cereals

5. Cooking Oils

6. Culinary herbs

7. Fish

8. Flour and Starch

9. Fruits (fresh or dried)

10. Live or raw meat and poultry

11. Milk

12. Nuts

13. Pulses

14. Roots

15. Salt

16. Vegetables

17. Water (natural water and table water)

18. Tuition relating to the nursery, primary, secondary and tertiary education

19. Services rendered by microfinance banks.

20. Sanitary towels

The new Valued Added Tax (VAT) increase is expected to take effect from February.

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