“Goods That Are Exempted From VAT Payment In Nigeria”

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DAILY LAW TIPS by Onyekachi Umah,Esq.(Tip 164)
“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. Fertilisers, locally produced agricultural and veterinary medicine, farming machinery and farming transportation equipment.
6. All exports
7. Plant and machinery imported for use in the Export Processing Zone
8. Plant, machinery and equipment purchased for utilization of gas in down-stream petroleum operations
9. Tractors, ploughs and agricultural equipment and implements purchased for agricultural purposes.
10. Proceeds from the disposal of Short Term Federal Government of Nigeria Securities and Bonds
11. Proceeds from the disposal of Short-Term State, Local Government and Corporate Bonds (including supra-natural Bond).
My authorities are sections 2 and 3 of the Value Added Tax Act as well as it’s First Schedule.
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