Navigating VAT Exemptions and Tax Accountability in Nigeria
By George NWOGU | BIZVILLE PROJECT MANAGEMENT Limited
Dear Industry Colleagues and Partners,
Image by George NWOGU from a restaurant in Rivers State, Nigeria with Zero VAT.
I have been reflecting on the importance of running an ethical organization, and a key aspect of that is understanding tax laws. Sharing accurate tax information is essential for investors, as it helps them see Nigeria’s advantages in terms of taxation.
However, there is still much to be done regarding tax accountability. Despite the Freedom of Information Bill, it remains difficult for employees in Rivers State, or elsewhere in the country, to easily access their tax records and understand their tax contributions throughout their employment.
List of VAT-Exempt Goods in Nigeria
According to the Value Added Tax (VAT) Act and subsequent amendments under the Finance Act, the following goods are exempt from VAT in Nigeria:
1. Basic food items, including:
- Rice
- Beans
- Yam
- Fruits
- Vegetables
- Fish (excluding processed fish)
- Bread
- Meat
- Eggs
- Milk
2. Medical and pharmaceutical products, such as:
- Drugs
- Medical services and supplies
3. Educational materials, including:
- Books
- Educational charts
- Newspapers and magazines
4. Baby products, such as:
- Baby food
- Baby clothing
5. Agricultural equipment and products, including:
- Fertilizers
- Farming equipment
- Seeds
- Herbicides
- Pesticides
6. Exports (goods exported outside of Nigeria)
7. Plays and performances conducted by educational institutions as part of their educational programs.
Source:
- Federal Inland Revenue Service (FIRS)
- Finance Act 2020 & 2021
For further details, you may refer to the FIRS website or consult official tax legislation.
COO, BIZVILLE PROJECT MANAGEMENT Limited
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