Browsing: Nigerian Finance Bill

The Finance Bill, among other things, proposed an increase in the Value Added Tax (VAT) rate from 5 per cent to 7.5 per cent. The additional revenue from the increase in VAT rate would be used to fund healthcare, education and infrastructure. The Government intends to mitigate the impact of the VAT rate increase by introducing a VAT exemption threshold for businesses with a turnover of less than N25 million per annum, and expanding the list of VAT-exempt items to include the following:

Brown and white bread;
cereals including maize, rice, wheat, millet, barley and sorghum;
fish of a...

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