The Value Added Tax (VAT) Modification Order 2020

The Honourable Minister of Finance, Budget and National Planning, in the exercise of powers granted in section 38 of the Value Added Tax Act Cap V1 LFN 2004 (VATA or the Act) on February 3rd 2020 made the Value Added Tax Act (Modification Order) 2020 (the Order).

The purpose of the Order was stated as being to clarify the interpretations contained in the VATA as amended by the Finance Act 2019 and to outline in more granular fashion the composition of each item set out by the VATA as exempt or otherwise and in some cases to expand the composition of certain provisions. We have reviewed below the provisions of the Order vis a vis the extant provisions of the Act.

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