Further to the Finance Act (FA), 2019 which amended a number of provisions in the Value Added Tax (VAT) Act, the Federal Ministry of Finance has issued a Value Added Tax (Modification) Order, 2020 (the "Order") with a commencement date of 3 February 2020.
The Order clarifies and expands the list of exempt items as contained in the First Schedule of the VAT Act including basic food items, baby products, medical products and services. It also introduces new exempt items including road transportation, rent by individuals, and petroleum products.
Read our alert and a copy of the Order below for details:
Download PwC Tax Alert - VAT Modification Order 2020_Detailed List of Exempt Items
Download VAT MODIFICATION ORDER 2020 (DETAILED LIST VAT EXEMPTS)
Originally published May 19, 2020.
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