The President , Major General Muhammadu Buhari ( retd .) has begged the National Assembly to exempt animal feed from the list of items that would attract payment of the Value Added Tax .
He stated this in a communication read on both chambers of the federal parliament by the presiding officers , Messrs Ahmad Lawan and Femi Gbajabiamila, on Tuesday .
Buhari specifically asked the apex legislative institution to amend the recently approved Finance Bill 2019 to accommodate the exemption .
The letter read , “Pursuant to Sections 58 and 59 of Constitution of the Federal Republic of Nigeria 1 999 ( as amended) , I formally request that the Finance Act , 2019 ( Amendment ) Bill , be considered by the Senate , for passage into law .
“This Bill seeks to amend the Finance Act , 2019, as recently passed by the National Assembly”
The bill clarified that the administrative effective date for the increase in Value Added Tax from 5 per cent to 7 .5 per cent was February 1 , 2020 .
Buhari drew the attention of the lawmakers to the fact Animal Feeds have been included in the list of basic food items that are exempted from VAT .
He also said that aspects of the existing tax holiday incentive for agriculture should be targeted at small and medium -sized companies .
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Such firms should be those that invest in primary crop , livestock , forestry and fishing agricultural production .
He said the incentive would also be administered by the Nigerian Investment Promotion Commission pursuant to the Industrial Development ( Income Tax Relief ) Act .
Buhari said the amendment would help to support the implementation of the 2020 Federal Budget
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