What items are exempt from VAT in Nigeria?
Goods and Services Exempt from VAT
- All medical and pharmaceutical products.
- Basic food items.
- Educational books and materials.
- Baby products.
- Fertilizers and locally produced agricultural chemicals and veterinary medicine.
- All exports.
What items are non VAT?
There are some goods and services on which VAT is not charged, including:
- insurance, finance and credit.
- education and training.
- fundraising events by charities.
- subscriptions to membership organisations.
- selling, leasing and letting of commercial land and buildings — this exemption can be waived.
What are non taxable goods?
Exempted goods under GST Non-GST goods include fish, egg, fresh milk, etc. Grapes, melons, ginger, garlic, unroasted coffee beans, green tea leaves that are not processed, and more. Food items that are not put into branded containers like rice, hulled cereal grains, wheat, corn, etc. Components like human blood.
What are exempted items?
Fruits and vegetables, cereals, meat and fish, potatoes and other edible tubers and roots, tender coconut, tea leaves, jaggery, coffee beans, ginger, turmeric, milk, curd, etc.
Is food exempt from VAT?
Most food is zero-rated for VAT, so you don’t pay VAT, but some items are standard-rated (20% VAT). This includes catering, alcoholic drinks, confectionery, crisps and savoury snacks, hot food, sports drinks, hot takeaways, ice cream, soft drinks and mineral water.
Which of the following is considered as non-taxable revenue?
Non Tax Revenue Receipts are those revenue receipts that are not generated by taxing the public. Example of non-tax revenue includes revenue from power distribution, irrigation, banking services, insurance, and community services, etc.
How many services are there in negative list of supply?
Negative list of services is altogether a new concept put forward in Budget 2012 wherein the services covered in this list is out of the ambit of chargeability of service tax. In all there are 17 heads of services that are covered in this list.
Which products are excluded from VAT in order to help the poor?
The list currently includes the following items:
- Brown bread.
- Maize meal.
- Samp.
- Mealie rice.
- Dried mealies.
- Dried beans.
- Lentils.
- Pilchards/sardines in tins.
Which goods and services are exempt from VAT?
Goods and services exempted from VAT are:
- Non-fee related financial services.
- Educational services provided by an approved educational institution.
- Residential rental accommodation, and.
- Public road and rail transport.
Does bread have VAT?
Although most traditional bakery products, such as bread, biscuits and cakes, are zero-rated, some confectionery is standard-rated including: biscuits wholly or partly covered in chocolate (or some product similar in taste and appearance)