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, … WebSep 22, 2016 · All goods manufactured/ assembled in or imported into Nigeria, except those specifically exempted under the law. Examples of VATable goods include jewelleries, shoes, bags, television etc....
GOODS EXEMPTED FROM VALUE-ADDED TAX (VAT) IN NIGERIA
WebFeb 13, 2024 · These goods and services are considered essential and are exempt to reduce the burden of tax on the general public. Some of the VAT-exempted products in … WebFeb 1, 2024 · Value-added tax (VAT) The standard VAT rate is 7.5% (increased from 5% on 1 February 2024). Zero-rated items include goods and services purchased by diplomats … darren hayes do you remember tour setlist
Finance Minister Issues Order Expanding The Goods And Services Exempt ...
WebMay 14, 2024 · Nigeria: VAT registration required for foreign suppliers of taxable goods and services EY - Global About us Back Close search Trending Why Chief Marketing Officers should be central to every transformation 31 Jan 2024 Consulting How will CEOs respond to a new recession reality? 11 Jan 2024 CEO agenda 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. WebA threshold of NGN 25,000,000 (approximately USD 70,000) turnover triggers VAT registration obligation. Under the subsisting VAT Act, there are zero rated goods and services which attract VAT at 0% and they are as follows: Goods and services purchased by diplomats. Goods purchased for use in humanitarian donor funded projects. darren hayes concert tickets