The new Finance Act signed by President @MBuhari this week exempts all locally-manufactured sanitary towels, pads and tampons from VAT.
Also exempts from VAT “Tuition relating to nursery, primary, secondary and tertiary education.”
Great stuff! 🙌🏾
Also exempts from VAT “Tuition relating to nursery, primary, secondary and tertiary education.”
Great stuff! 🙌🏾
Also, VAT exemption has now been extended to all services rendered by “Microfinance banks.”
Wording of old law specifically mentioned “Community banks, People’s Bank and Mortgage Institutions.”
“Community Banks” now replaced by “Microfinance Banks.” #FinanceActNg
Wording of old law specifically mentioned “Community banks, People’s Bank and Mortgage Institutions.”
“Community Banks” now replaced by “Microfinance Banks.” #FinanceActNg
Another interesting aspect of the Finance Act: It repeals Section 60 of Petroleum Profit Tax Act—which strangely exempted from all taxes (PIT, CIT, etc), dividends paid out from petroleum profits.
Summary: Oil & gas dividends will now be liable to taxation, like other dividends.
Summary: Oil & gas dividends will now be liable to taxation, like other dividends.
