NewsOnline Nigeria reports that the Federal Government has introduced a new bill seeking to exempt a range of essential products and services from Value Added Tax (VAT) as part of its efforts to ease the financial burden on citizens.
This Nigeria news platform understands that the bill, titled “A Bill for an Act to Repeal Certain Acts on Taxation and Consolidate the Legal Frameworks relating to Taxation and Enact the Nigeria Tax Act to Provide for Taxation of Income, Transactions and Instruments, and Related Matters,” was dated October 4, 2024.
The VAT exemption list includes baby products, locally manufactured sanitary towels, pads, and tampons, in a bid to make these items more accessible.
The bill document listed the items exempted from the Value Added Tax imposed to include “Baby products; locally manufactured sanitary towels, pads or tampons.”
However, the bill extends these exemptions to other categories as well, covering both economic and social sectors.
The bill emphasizes that VAT will only be collected on these items if the Minister, by an order published in the Official Gazette, specifies a date for the imposition of VAT on any of the exempted items.
This provision suggests that while the exemption will initially be in place, the government retains the flexibility to modify these rules as needed in the future.
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