Farmers in dairy sector, under the auspices of Commercial Dairy Ranches Association of Nigeria (CODARAN) has backed President Muhammadu Buhari on his request to the National Assembly to exempt animal feeds from the list of items that would attract payment of the Value Added Tax (VAT).
President Buhari had, in a letter to both chambers of the National Assembly on Tuesday, asked the lawmakers to amend the recently approved Finance Bill 2019 to accommodate the exemption.
The letter reads in part, “Pursuant to Sections 58 and 59 of Constitution of the Federal Republic of Nigeria1 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”.
Reacting to the request in an exclusive interview with Daily Trust, the National President of CODARAN, Muhammadu Damakka Abubakar, described the president’s move as a good development, noting that it will help the sector.
He said, “It is a good development. These are some of things that make us happy. What it means is that, you will now get your feed supplement cheaper. This is consent supplement only for diary.
“Thankfully, the bulk feed is so cheap, which is grass, it doesn’t need VAT. Though, this supplement we are also talking about will help in reducing the cost of feeding the animals”, Abubakar added.
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Post time: Oct-02-2020