Close Menu
Chronicle.ng
    Trending Stories
    Troops nab 25 suspected bandits, kidnappers along Benue highway 

    Troops nab 25 suspected bandits, kidnappers along Benue highway 

    July 2, 2025
    Mark says Tinubu’s govt hijacking democracy, fueling poverty, insecurity

    Mark says Tinubu’s govt hijacking democracy, fueling poverty, insecurity

    July 2, 2025
    Staff members of the Federal Capital Territory Administration, FCTA, under the Joint Union Action Committee, JUAC, ended their three-day protest on Wednesday.

    FCTA workers end protest, issue 21-day ultimatum

    July 2, 2025
    Facebook X (Twitter) Instagram
    Trending
    • Troops nab 25 suspected bandits, kidnappers along Benue highway 
    • Mark says Tinubu’s govt hijacking democracy, fueling poverty, insecurity
    • FCTA workers end protest, issue 21-day ultimatum
    • Mexico uncovers over 400 corpses in ‘house of horror’
    • Ex-AGF Malami dumps APC, joins ADC, cites national decline
    • Amaechi quits APC, declares Tinubu unfit to govern Nigeria
    • From Ally to Adversary: How Aregbesola and Tinubu sealed their political divorce
    • N2.7b Fraud: Witness narrates how Hadi Sirika split aviation contracts among family members
    Facebook X (Twitter) Instagram
    Chronicle.ngChronicle.ng
    Subscribe
    Thursday, July 3
    • News
      • Nigeria News
      • World News
      • Headlines News
    • Politics
    • Business
    • Sport
    • Entertainment
    • Contact Us
    Chronicle.ng

    Buhari lists items not affected by 7.5% VAT

    Chronicle EditorBy Chronicle EditorOctober 8, 2019No Comments2 Mins Read
    Facebook Twitter Telegram WhatsApp
    President Muhammadu Buhari urged to probe N16 trillion spent on power by previous administrations nddc persons with disabilities p&id restructuring traditional rulers african energy chamber's
    President Muhammadu Buhari of Nigeria
    Facebook Twitter WhatsApp

    President Muhammadu Buhari has listed items that will not be affected by the increase of the Value Added Tax (VAT) from 5% to 7.5% in his 2020 budget.

    In his budget speech to the National Assembly, President Buhari explained that the additional revenue from VAT will be channeled to fund health, education and infrastructure programmes.

    “The draft Finance Bill proposes an increase of the VAT rate from 5% to 7.5%. As such, the 2020 Appropriation Bill is based on this new VAT rate,” he said to the National Assembly on Tuesday.

    “The additional revenues will be used to fund health, education and infrastructure programmes. As the States and Local Governments are allocated 85% of all VAT revenues, we expect to see greater quality and efficiency in their spending in these areas as well.

    READ: President Buhari’s full 2020 budget speech

    “The VAT Act already exempts pharmaceuticals, educational items, and basic commodities, which exemptions we are expanding under the Finance Bill, 2019. Specifically, Section 46 of the Finance Bill, 2019 expands the exempt items to include the following:

    a. Brown and white bread;

    b. Cereals including maize, rice, wheat, millet, barley and sorghum;

    c. Fish of all kinds;

    d. Flour and starch meals;

    e. Fruits, nuts, pulses and vegetables of various kinds;

    f. Roots such as yam, cocoyam, sweet and Irish potatoes;

    g. Meat and poultry products including eggs;

    h. Milk;

    i. Salt and herbs of various kinds; and

    j. Natural water and table water.

    “Additionally, our proposals also raise the threshold for VAT registration to N25 million in turnover per annum, such that the revenue authorities can focus their compliance efforts on larger businesses thereby bringing relief for our Micro, Small and Medium-sized businesses.

    “It is absolutely essential to intensify our revenue generation efforts. That said, this Administration remains committed to ensuring that the inconvenience associated with any fiscal policy adjustments, is moderated, such that the poor and the vulnerable, who are most at risk, do not bear the brunt of these reforms.”

    Share. Facebook Twitter Telegram WhatsApp

    Keep Reading

    Troops nab 25 suspected bandits, kidnappers along Benue highway 

    Troops nab 25 suspected bandits, kidnappers along Benue highway 

    Mark says Tinubu’s govt hijacking democracy, fueling poverty, insecurity

    Mark says Tinubu’s govt hijacking democracy, fueling poverty, insecurity

    Staff members of the Federal Capital Territory Administration, FCTA, under the Joint Union Action Committee, JUAC, ended their three-day protest on Wednesday.

    FCTA workers end protest, issue 21-day ultimatum

    Mexico uncovers over 400 corpses in 'house of error'

    Mexico uncovers over 400 corpses in ‘house of horror’

    Minister for Justice and Attorney-General Abubakar Malami EFCC assets

    Ex-AGF Malami dumps APC, joins ADC, cites national decline

    President Tinubu congratulates Rotimi Amaechi on 60th birthday

    Amaechi quits APC, declares Tinubu unfit to govern Nigeria

    Add A Comment
    Leave A Reply Cancel Reply

    Subscribe to News

    Be the first to get the latest news updates from ChronicleNG about world, sports, politics etc

    Troops nab 25 suspected bandits, kidnappers along Benue highway 

    Troops nab 25 suspected bandits, kidnappers along Benue highway 

    July 2, 2025
    Mark says Tinubu’s govt hijacking democracy, fueling poverty, insecurity

    Mark says Tinubu’s govt hijacking democracy, fueling poverty, insecurity

    July 2, 2025
    Staff members of the Federal Capital Territory Administration, FCTA, under the Joint Union Action Committee, JUAC, ended their three-day protest on Wednesday.

    FCTA workers end protest, issue 21-day ultimatum

    July 2, 2025
    Mexico uncovers over 400 corpses in 'house of error'

    Mexico uncovers over 400 corpses in ‘house of horror’

    July 2, 2025
    Minister for Justice and Attorney-General Abubakar Malami EFCC assets

    Ex-AGF Malami dumps APC, joins ADC, cites national decline

    July 2, 2025
    Facebook X (Twitter) Instagram
    • News
    • Politics
    • Sports
    • Business
    • About Us
    © 2025 ChronicleNG

    Type above and press Enter to search. Press Esc to cancel.