Sanitary pads, 19 other items exempted from VAT hike

Industries, Trade and Investment

 

SANITARY Pads are among the list of 20 basic food items in the Finance Act 2019 exempted from the new 7.5 Valued Added Tax, VAT expected to take effect from February this year.

President Muhammadu Buhari had penultimate week signed the Finance Act to improve the revenue base of the country.

The new law which has generated a lot of controversy according to the government will promote fiscal equity and support MSMES.

A statement from the office of the Vice President read this:  “In a bid to ensure that the cost of living does not rise for Nigerians because of the changes in the Value-Added Tax, several basic food items, locally manufactured sanitary towels, pads and tuition relating to nursery, primary, secondary and tertiary education have been added to the exemption list of goods and services on the VAT under the Finance Bill 2019, signed by President Muhammadu Buhari last week, on the 13th January 2020.”

Source: Vanguard

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