About twenty basic food items, locally manufactured sanitary towels, pads and tuition fees relating to nursery, primary, secondary and tertiary education have been added to the exemption list of goods and services on the VAT under the Finance Law.
A statement by Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Laolu Akande, said this was part of efforts to ensure that the cost of living did not rise for Nigerians because of the changes in the Value-Added Tax.
The new Act raised Value Added Tax from five per cent to seventy-five per cent.Among other benefits, the statement said the law would consolidate efforts already made in creating the enabling environment for improved private sector participation and contribution to the economy as well as boost states’ revenues.
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