a. Eight Non-Oil Revenues in Nigeria:
Value Added Tax (VAT): VAT is a consumption tax levied on the value added to goods and services at each stage of production and distribution.
Corporate Income Tax: Companies operating in Nigeria are subject to corporate income tax on their profits.
Personal Income Tax: Individuals are required to pay personal income tax on their earnings, including salaries, wages, and business income.
Customs Duties: Revenue generated from tariffs and import duties imposed on goods imported into Nigeria.
Excise Duties: Taxes levied on specific goods such as alcoholic beverages, tobacco products, and luxury items.
Stamp Duties: Taxes on various transactions, including legal documents, financial instruments, and property transfers.
Capital Gains Tax: Tax on the profit from the sale of assets, such as real estate and investments.
Education Tax: A percentage of assessable profits of companies is contributed to the Education Tax Fund (ETF), which is used to fund educational development in Nigeria.
b. Seven Goods and Services Exempted from Value Added Tax (VAT):
Basic Food Items: Unprocessed or minimally processed food items, such as raw agricultural produce, meat, fish, fruits, vegetables, and grains, are typically exempt from VAT.
Medical and Pharmaceutical Products: Medicines, medical equipment, and pharmaceutical supplies used for healthcare purposes are generally not subject to VAT.
Educational Services: Tuition fees for nursery, primary, secondary, and tertiary education in recognized educational institutions are typically VAT-exempt.
Exports: Goods and services destined for international export are exempt from VAT to make Nigerian exports more competitive in the global market.
Banking Services: Certain financial services provided by banks and financial institutions, such as loan disbursements and loan interest, are exempt from VAT.
Transportation: Public transportation services, including bus and train fares, are often exempt from VAT.
Residential Rent: Rent on residential properties is typically exempt from VAT, although commercial property rent may be subject to VAT.
