Summary
On 24th June, 2020, the Federal Inland Revenue Service
("FIRS" or "the Service") issued a Public
Notice stating that certain items which were included as exempt
from Value Added Tax ("VAT") under the recently issued
VAT Modification Order will not be treated as exempt by the
Service. We have provided below, the details of the Public Notice
and its implication for taxpayers.
Details
The Honourable Minister of Finance, Budget and National Planning
("the Minister"), pursuant to the powers granted to her
office under Section 38 of the VAT Act, recently issued the VAT
Modification Order, 2020 ("the Order"). The Order,
which is effective from 3rd February, 2020, modifies and expands
the list of exempt goods and services in the First Schedule to the
VAT Act and provides clarification on the exempted items already
listed in the VAT Act. (Read our Tax Alert on the VAT Modification
Order here)
