{"id":35161,"date":"2019-10-09T15:32:56","date_gmt":"2019-10-09T14:32:56","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=35161"},"modified":"2019-10-09T15:32:56","modified_gmt":"2019-10-09T14:32:56","slug":"2020-budget-food-items-exempted-from-vat","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/2020-budget-food-items-exempted-from-vat\/","title":{"rendered":"2020 Budget: Food Items Exempted From VAT"},"content":{"rendered":"
\"\"
A foodstuff market in Lagos<\/figcaption><\/figure>\n

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.<\/p>\n

The Federal Government recently increased VAT from five per cent to 7.5 per cent and the next year\u2019s budget is estimated based on the revenue to be generated from the increased VAT.<\/p>\n

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 regime.<\/p>\n

He said, \u201cThe VAT Act already exempts pharmaceuticals, educational items, and basic commodities, which exemptions we are expanding under the Finance Bill, 2019.\u201d<\/p>\n

Buhari said that\u00a0section 46 of the Finance Bill, 2019 expanded the exempt items to include the following food items:<\/span><\/p>\n

1.\u00a0 \u00a0 Brown and white bread;<\/p>\n

2.\u00a0\u00a0\u00a0 Cereals including maize, rice, wheat, millet, barley and sorghum;<\/span><\/p>\n

3.\u00a0\u00a0\u00a0 Fish of all kinds;<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

4.\u00a0\u00a0\u00a0 Flour and starch meals;<\/p>\n

5.\u00a0\u00a0\u00a0 Fruits, nuts, pulses and vegetables of various kinds;<\/p>\n

6.\u00a0 \u00a0 \u00a0Roots such as yam, cocoyam, sweet and Irish potatoes;<\/p>\n

7.\u00a0 \u00a0 Meat and poultry products including eggs;<\/p>\n

8.\u00a0 \u00a0Milk;<\/p>\n

9.\u00a0 \u00a0Salt and herbs of various kinds; and<\/p>\n

10.\u00a0 \u00a0Natural water and table water.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":6,"featured_media":16823,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[6134],"coauthors":[2391],"class_list":["post-35161","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-2020-budget-proposal"],"yoast_head":"\n2020 Budget: Food Items Exempted From VAT - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/2020-budget-food-items-exempted-from-vat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2020 Budget: Food Items Exempted From VAT - 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