ANNEX 2B: Draft Executive Order to VATA as Proposed by Committee
VALUE ADDED TAX ACT (MODIFICATION) ORDER, 2017
VALUE ADDED TAX
(CAP. V1 LFN 2004)
VALUE ADDED TAX ACT (MODIFICATION) ORDER, 2017
First Schedule:
1. Amendment of Part 1
2. Amendment of Part 2
3. Citation
VALUE ADDED TAX
(CAP. V1 LFN 2004)
VALUE ADDED TAX ACT (MODIFICATION) ORDER, 2017
In exercise of the powers conferred upon me by Section 38 of the Value Added Tax Act, Cap. V1, Law of the Federation of Nigeria, 2004 and all other powers enabling me in that behalf, I, Mrs. Kemi Adeosun, Honourable Minister of Finance, Federal Republic of Nigeria hereby make the following Order:
- Part 1 of the First Schedule of the Principal Act is hereby altered by inserting a new item as follows:
“10. Residential property leases or rentals”
- Part 1 (6) of the First Schedule of the Principal Act is hereby altered by deleting “All exports” and substituting with “Oil exports” as follows:
“6. Oil exports”
PART II
- Part II of the First Schedule of the Principal Act is hereby altered by inserting a new item as follows:
“5.Shared passenger-transport service which is available for use by the general public excluding hired or rented vehicles or transportation apparatus for private use”
- Part II of the First Schedule of the Principal Act is hereby altered by inserting a new item as follows:
“6.Life Insurance”
- Part II(2) of the First Schedule of the Principal Act is hereby altered by deleting Community Banks, Peoples Bank, and Inserting Microfinance Banks as follows:
“2.Services rendered by Unit Microfinance Banks and Mortgage Institutions”
- Part II(3) of the First Schedule of the Principal Act is hereby altered by the inclusion of “public” and “not –for-profit organisations” as follows:
“3.Plays, education, training and performances conducted by public educational institutions or not-for-profit organisations as part of learning”
MADE at Abuja this , 2017
Mrs. KemiAdeosun
Honourable Minister of Finance
Federal Republic of Nigeria