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Buhari Exempted 10 Food Items VAT From 2020 Budget
The Value Added Tax (VAT) Act in Nigeria exempts pharmaceuticals, educational items, and basic commodities.
President Muhammadu Buhari while presenting the 2020 budget at the National Assembly on Tuesday, stated that VAT exemptions are expanding under the Finance Bill, 2019.
He noted specifically that section 46 of the Finance Bill, 2019 expands the exempt items to include some more items including food.
Below are some of the items that are exempted from the VAT act.
- Brown and white bread;
- Cereals including maize, rice, wheat, millet, barley and sorghum;
- Fish of all kinds;
- Flour and starch meals;
- Fruits, nuts, pulses and vegetables of various kinds;
- Roots such as yam, cocoyam, sweet and Irish potatoes;
- Meat and poultry products including eggs;
- Milk;
- Salt and herbs of various kinds; and
- Natural water and table water.
The President in his speech added that his proposals also raise the threshold for VAT registration to N25 million in turnovers per annum, such that the revenue authorities can focus their compliance efforts on larger businesses thereby bringing relief for Micro, Small and Medium-sized businesses.
According to President Buhari, it is absolutely essential to intensify the nation’s revenue generation efforts.
He notes that his 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.
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Enthusiasts Praise Ghana’s Meteoric Progress at African Games, Sport Minister Applauded for Visionary Leadership
Ghana’s remarkable ascent in the African Games has sparked widespread acclaim from sports enthusiasts and stakeholders alike. The nation’s stunning leap from 15th place in the previous edition to an impressive 6th place in 2024 has captured the attention of the sports community, highlighting Ghana’s burgeoning potential and the transformative leadership of its Minister of Youth and Sports Development, Mustapha Ussif.
Under Minister Ussif’s visionary leadership, Ghana’s sports industry has undergone a profound renaissance, marked by unprecedented achievements in grassroots development and infrastructure growth. The Minister’s strategic initiatives have not only revitalized the sporting landscape but have also positioned Ghana as a beacon of excellence on the African continent.
The recent success at the African Games is a testament to Ghana’s commitment to fostering talent at all levels. Through innovative programs and investments in youth development, Minister Ussif has cultivated a fertile environment for nurturing emerging athletes, paving the way for their seamless transition into senior sports teams.
Furthermore, Ghana’s hosting of the African Games in 2023 underscores the nation’s dedication to expanding its infrastructure base and solidifying its status as a regional sports hub. The prospect of hosting this prestigious event not only promises to elevate Ghana’s profile on the international stage but also presents unparalleled opportunities for economic growth and societal advancement.
Speaking on Ghana’s remarkable achievement, Minister Mustapha Ussif expressed his gratitude to all stakeholders and affirmed his commitment to further advancing the nation’s sports agenda.
He stated, “The remarkable progress we have witnessed at the African Games is a testament to the collective efforts of our athletes, coaches, administrators, and supporters. I am immensely proud of what we have accomplished together, and I am confident that Ghana’s journey to sporting excellence has only just begun.”
On the eve of the closing ceremony alone, Ghana clinched eight gold medals, winning the ultimate prize in women’s hockey, 200m men’s athletics event, high jump, men’s football event, and four boxing gold medals in boxing. All in one night.
Ghana also made history by becoming the first country to win god in both men’s and women’s football events at the Games.
The closing ceremony of the Games saw star performances from star acts such as Stonebwoy, Stanley Enow, Wiyaala, Innoss’B, amongst others.
As Ghana continues its upward trajectory in the realm of sports, the nation stands poised to achieve even greater milestones under the visionary leadership of President Nana Akufo-Addo and Sports minister, Mustapha Ussif.
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