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The government confirmed that basic food items will attract 0% Value Added Tax (VAT). Rent payments have been classified as VAT-exempt. Education-related services and materials will continue to enjoy a 0% VAT rate. Health and medical services are also exempt from VAT. Pharma products will be sold at a 0% VAT rate. Small companies with annual turnover not exceeding ₦100 million will not be required to charge VAT. VAT has been suspended or exempted on diesel, petrol, and solar power equipment. Businesses can now claim refunds on VAT paid for assets and overheads used in producing VATable or 0%-rated goods and services. Agricultural inputs such as fertilizers, seeds, seedlings, animal feeds, and live animals are exempt from VAT. The purchase, lease, or hire of agricultural equipment is also VAT-free. Disability aids, including hearing aids, wheelchairs, and braille materials, are exempt from VAT. Shared passenger road transport (excluding chartered services) will not attract VAT. Electric vehicles and their components are VAT-exempt. Humanitarian relief materials are excluded from VAT charges. Baby products are exempt from VAT. Sanitary products such as towels, pads, and tampons are VAT-free. Transactions involving land and buildings are exempt from VAT.
