Skip to main content

2020 budget: Food items exempted from VAT

In the 2020 Appropriation Bill submitted by President Muhammadu Buhari on Tuesday to a joint session of the National Assembly, 10 food items were exempted from the proposed Value Added Tax regime.The Federal Government recently increased VAT from five per cent to 7.5 per cent and the next year’s budget is estimated based on the revenue to be generated from the increased VAT.However, while telling lawmakers about the highlights of the bill which was presented along with an executive bill, the Finance Bill 2019, Buhari said that there were certain exemptions to the VAT regim
He said, “The VAT Act already exempts pharmaceuticals, educational items, and basic commodities, which exemptions we are expanding under the Finance Bill, 2019.”

Comments

Post a Comment

Popular posts from this blog

COREL DRAW X3 SERIAL NUMBER AND KEY

SERIAL NUMBER FOR CORELDRAW GRAPHICS SUITE X3 SERIAL NUMBER FOR CORELDRAW GRAPHICS SUITE X3   DR13CUB-5516569-VUL OR DR13WTX-0000046-GDR OR PURCHASE KEY: DR13WCG-2734035-CRX - ACTIVATION CODE:ABBD-175D-B0E0-9F68-5D70 OR SERIAL: DR13WUZ-0065131-KXG ACTIVATION CODE:A4B3-3536-C45F-2C7A-82B3 OR SERIALNUMBER: DR13WRJ-3923729-XYG ->> ACTIVATION CODE:10C2E0AA02E2E3307851 PURCHASE KEY: DR13WCD-1668628-TWW ACTIVATION CODE:749E-63A4-938C-930B-7FF9 OR DR13CEM-2945491-UHN SERIAL: DR13WER-4691278-WLP / ATIVACTION: 73E2-F808-57B4-6D01-37F3 CorelDRAW Graphics Suite X3 DR13CUB-5516569-VUL CorelDRAW Graphics Suite X3 DR13WTX-0000046-GDR CorelDRAW Graphics Suite X3 Purchase Key: DR13WCG-2734035-CRX - Activation Code:ABBD-175D-B0E0-9F68-5D70
Read more

‘Don’t hike VAT, reduce cost of governance’

Image
‘Don’t hike VAT, reduce cost of governance’ President Muhammadu Buhari has been urged not to hike the VAT from 5% to 7.5%  as proposed in the interest of the teaming poor masses of Nigeria. The federal government should also shelve its plan to re-introduce tolls on federal highways nationwide. “The poor masses are crying already because of the economic yoke hanging on them”, pleads Chief Adesunbo Onitiri, a political and social activist, in a statement in Lagos yesterday. “Please, on behalf of all poor Nigerians, l implore President Buhari not to increase the VAT  as this will further aggravate the sufferings of Nigerians,” he stated. “Instead, reduce the astronomical cost of governance in Nigeria, particularly the humongous salaries of our national and state legislators”, Chief Onitiri added. The politician said he made  the plea in accordance with  the President’s promise to remove over 70 million Nigerians from poverty. Chief Onitiri reminded...
Read more
Image
Coronavirus: News and live updates The latest on the pandemic •  According to data from Johns Hopkins University , there are more than 760,000 coronavirus cases and 36,000 deaths worldwide. • The United States now leads the world with more than 150,000 confirmed COVID-19 cases, with more than 2,800 deaths. • White House coronavirus response coordinator Dr. Deborah Birx  projects 100,000 to 200,000 American deaths as a best case scenario . • President Trump announced that he was  extending the CDC guidelines for limiting social contact through April 30 . Virginia and Maryland both issued stay-at-home orders on Monday. • The postponed Tokyo 2020 Olympics are now  scheduled to begin on July 23, 2021 . • Worried you're experiencing coronavirus symptoms?  Here's what the CDC says to do . Few people are seen at a metro Red Square is seen empty after preventive measures against the coronavirus are taken in Moscow, Russia on March 30, 2020. (Photo by Sef...
Read more