Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget - Politics (3)

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Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget - Politics (3) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget (25823 Views)

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Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by lokzie: 4:43am On Oct 09, 2019

All the sacrifices citizens make and are to make, but it’s okay, it’s not like we even have a choice. We must pay VAT, toll, manage N18,000/ month, live in insecurity while transport operators transfer their ‘police roger’ to our transport fare. We agree to pay power bills even when there’s no power and buy fuel at high costs to run our generators. We accept our cross and sacrifice for a better Nigeria.
Please can we also agree that after making these sacrifices, any public or government official wasting public funds on luxury or even immodest goods or services be made to pay back every single kobo? Can we immediately recover diverted and stolen public funds and prescribe a minimum 20-year jail sentence with mandatory restitution for these officials?
Can our senators manage a 70% pay cut? Our governors as well. Can we reduce the number of their aides and advisers?
Please don’t make the poor and powerless the only ones making sacrifice for our country, we all love this country, in fact leaders should be examples of the austerity measures.

3 Likes

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by naijadrivablog: 5:54am On Oct 09, 2019

ursullalinda:
Good one anything to reduce cost on food. There is hunger in the land

It doesnt reduce the cost of those tax exempt items but keep their prices as it is now.

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by Nobody: 6:06am On Oct 09, 2019

FarahAideed:

Exactly , APC trying to scam Nigerians as usual

And this goes to show a whole lot of Nigerians lack basic education & they are blind to the fact that "Basic Food Items" are exceptions to the imposition of VAT hence the celebration cheesy

What a government... Animals in craze man skin

3 Likes

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by TOPCRUISE(m): 6:14am On Oct 09, 2019

ursullalinda:
Good one anything to reduce cost on food. There is hunger in the land

You will be shocked. They tax others and you think those that were not taxed will behave like mumu

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by Edusouls(m): 6:21am On Oct 09, 2019

YorubaNinja:
Majority of pple on here no go understand the impact... See as dem quiet. All dem care abt na BBN. Foolish 9ja youths

my brother you don talk am finish, what do they know..

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by KIDfurniture(m): 6:30am On Oct 09, 2019

Fifth to comment is different from second. Which school did you attend? Make I run fast before she strike

vickyjessica:
Hummnn second to comment yaaayy

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by Amhappy(f): 6:39am On Oct 09, 2019

This is wonderful

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by starbright4real(m): 6:45am On Oct 09, 2019

gud day, pls i seriously need a job, i am a graduate of accounting (hnd) 07037799108

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by Nobody: 6:51am On Oct 09, 2019

bunch of insincere, SELF-SERVING thieves!
#raw food items have never been VATable from time!

#stupid news for moronic asslickers!

1 Like

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by Brunosamel(m): 7:06am On Oct 09, 2019

klas:
Raw food items have never been vatable items at any time even if you buy them in supermarkets.
What is news here?

abeg tell them, the semi-illiterate jagoons....

1 Like

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by majamajic(m): 7:06am On Oct 09, 2019

YorubaNinja:
Majority of pple on here no go understand the impact... See as dem quiet. All dem care abt na BBN. Foolish 9ja youths

u are more foolish by believing these write up will impact your life for good at the end !!!

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by Brunosamel(m): 7:06am On Oct 09, 2019

Brunosamel:
abeg tell them, the semi-illiterate jagoons....

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by majamajic(m): 7:06am On Oct 09, 2019

YorubaNinja:
Majority of pple on here no go understand the impact... See as dem quiet. All dem care abt na BBN. Foolish 9ja youths

u are more foolish by believing these write up will impact your life for good at the end !!!

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by EXOUSIAng: 7:19am On Oct 09, 2019

Liveair:
We are not moved. We already know that nothing good can come out of a Buhari govt.

Keep blaming Buhari, your mates are working smart and building houses, establishing companies, sending their kids to the best universities, bad or good government, the smart working citizens would still count their millions,
Don't go and hustle

1 Like

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by ifyboy60(m): 7:24am On Oct 09, 2019

harley88:
Nice one from our dear bubu.

Waiting for children of perdition to enter this thread

u are so smart.
have u heard of raw food items been VATed b4?
who will collect the VAT. abi they will get it from the farmers in the village abi na market woman.

1 Like

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by Nobody: 7:26am On Oct 09, 2019

klas:
Raw food items have never been vatable items at any time even if you buy them in supermarkets.
What is news here?

They act like they are doing us a favour so we should kiss their feet in return. Useless Entities.

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by Gmajor(m): 7:28am On Oct 09, 2019

YorubaNinja:
Majority of pple on here no go understand the impact... See as dem quiet. All dem care abt na BBN. Foolish 9ja youths

You that understands the "impact" oya educate us.
Are any of those items vatable in the first place?

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by igwedubai2(m): 7:28am On Oct 09, 2019

Let hope so oooooooooooo make it works jare

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by sexiestharam(f): 7:29am On Oct 09, 2019

YorubaNinja:
Majority of pple on here no go understand the impact... See as dem quiet. All dem care abt na BBN. Foolish 9ja youths

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by 9jaRealist: 7:29am On Oct 09, 2019

Bridget95:
VAT;Value added tax ,increases the value on products and services and indirectly affect investment choice.
Tanzania like many African countries for instance ,placed over 25% VAT on everything goods and services consumed there,this made everything expensive.
VAT is a micro Portion of TAX on companies spread on goods and services which is shouldered by end users.investors run away from countries with high taxation.Tax policies are often made by dept redden countries to impress their creditors that they can service their loans ,but the indirect implication is decreased foreign investment.

Not disputing that higher corporate taxes often work to deter investment...
But yet again VAT is NOT a tax on investment because it’s not borne by the investor.

It may serve to increase the value of goods/services, but not necessarily so as other cost elements can be used to keep prices down...
Eg, distribution and other costs and/or margins can be cut to reduce the product price and thus ameliorate the price hike to the consumer.

Furthermore, since VAT is administered by merchants, the threshold for VAT registration is a crucial factor...
In Nigeria, it will be annual turnover of N25 million, which means most MSMEs (who will be the retailers, NOT the investors) will not levy VAT.
__________________________

Meanwhile, don’t quite get the point that you were struggling to make about “tax policies” being made by debt-ridden nations to “impress” their creditors, since EVERY country employs “tax policies” (including tax-free jurisdictions, because the absence of taxation is actually a “tax policy”). In fact, contrary to your assertion, countries like Nigeria (which albeit cannot be rationally described as debt-ridden) use TAX HOLIDAYS (which is available in EVERY free-zone in Nigeria, as well as for so-called ‘pioneer’ industries) to seek to attract investment.

Finally, Nigeria is not raising the levels of VAT taxes to “impress” creditors. The reality is Nigeria presently has (and always had) by far the LOWEST VAT rates among the 15 ECOWAS nations, because public finances have largely lazily relied on the rent “windfall” derived from crude oil sales rather than taxes as is the case with most of its peer nations (eg, S/Africa’s tax-to-GDP is almost 30%, Ghana’s is about 20%, while Nigeria’s is less than 6%). Since a large part of the is informal (or off the “tax grid”), VAT accords a shortcut to a broader tax base.
>

2 Likes

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by harley88(m): 7:32am On Oct 09, 2019

ifyboy60:

u are so smart.
have u heard of raw food items been VATed b4?
who will collect the VAT. abi they will get it from the farmers in the village abi na market woman.

As expected from una. Una go always see something talk sha

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by Nobody: 7:34am On Oct 09, 2019

Why do we deceive ourselves like this? Who was collecting vat on yam before? How many people buy yam from shoprite?

1 Like

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by lowaist101: 7:40am On Oct 09, 2019

One advantage of VAT is that it reduces tax evasion almost to zero.

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by baratech: 8:20am On Oct 09, 2019

Rice nko?

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by IkePeters(m): 8:57am On Oct 09, 2019

Quite commendable. Governments resolve to focus on ongoing projects as against initiating new ones is reasonable.
Also, restricting VAT to companies above 25m annual turnover is impressive, leaving smaller SMEs to grow. Waiving VAT for businesses into production of staple foods like bread, yam etc is very welcoming.
I observed the VAT increment was captured on this Budget. I just hope same applies to Minimum wage and consequential adjustments in favour of civil servants.

3 Likes

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by adedayourt(m): 9:05am On Oct 09, 2019

I will just leave this here

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by gabicon: 9:24am On Oct 09, 2019

Islie:

https://www.thecable.ng/yam-egg-milk-fish-now-exempted-from-vat-highlights-of-2020-budget

The problem still remains that recurrent is twice the size of capital, it's just like paying workers more for a service than the value the service is adding. Debt service being a quarter of the budget is ridiculous. Subsidy has to go, legislation and executive jumbo pay has to go, it's no longer about comfort, it's about survival.

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by proff010: 12:11pm On Oct 09, 2019

fowlyansh181:
Why the increase in the first place? Cut a million naira each from senators and each politician’s salary and it can still easily cover this stuffs.. stop making life hard for the average human being

1 million is even too much 100000 is even OK considering budget is yearly and salary monthly

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by jessysparkles(f): 12:59pm On Oct 09, 2019

Basic food items has always been exempted.... They should at least make a comprehensive list of the BASIC FOOD ITEMS exempted. It's not just the aforementioned.

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by gtown: 1:07pm On Oct 09, 2019

ursullalinda:
Good one anything to reduce cost on food. There is hunger in the land

But do you know what? The professional wailing wailers and our past 'yam' eaters hiding this good intention, and mischievously attacking the the whole budget.

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by gtown: 1:09pm On Oct 09, 2019

jessysparkles:
Basic food items has always been exempted.... They should at least make a comprehensive list of the BASIC FOOD ITEMS exempted. It's not just the aforementioned.

What do you think should constitute these basic food items?

Re: Yam, Egg, Milk, Fish Exempted From VAT — Highlights Of 2020 Budget by jessysparkles(f): 2:05pm On Oct 09, 2019

gtown:

What do you think should constitute these basic food items?

Food items like Bread, water, rice, beans, corn, millet, sorghum etc.... There are still lots of them that I can't remember for now.
They should be listed for clarity sake to avoid dispute with revenue officials.....speaking Of which not everyone knows these are exempted from vat.

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