Is petroleum products exempted from VAT?

Is VAT charged on petroleum products?

PETROLEUM PRODUCTS

A total of 15 items are listed as Petroleum Products exempt from VAT and these include Aviation Spirit, Motor Spirit (super), Motor Spirit (ordinary), Kerosene (type jet fuel), kerosene, Natural Gas, other Liquefied Petroleum Gases & Gaseous hydrocarbons.

What products are exempt from VAT?

Items that are VAT exempt in the UK

  • Some food and drink. Most food and drink for human consumption is VAT exempt, but there are some important exceptions. …
  • Children’s clothes. …
  • Publications. …
  • Some medical supplies and equipment. …
  • Charity shop goods. …
  • Antiques. …
  • Some admission charges. …
  • Gambling.

What products are subject to VAT?

VAT rates on different goods and services

  • Introduction.
  • VAT rate conditions.
  • Food and drink, animals, animal feed, plants and seeds.
  • Sport, leisure, culture and antiques.
  • Health, education, welfare and charities.
  • Power, utilities, energy and energy saving, heating.
  • Power.
  • Building and construction, land and property.

Is there VAT in fuel Nigeria?

VAT accounts for about 20% of the total tax revenue generated in the country. … Industry practice appears to be not to charge VAT. However, FIRS has not accepted this practice on the basis that refined petroleum products are not on list of items expressly exempted from value added tax (VAT) in Nigeria.

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Is there VAT on vegetable oil?

Edible oils and fats, either used for cooking food or incorporated as an ingredient, are zero-rated.

What services are VAT free?

VAT exemption for goods and services

  • Sporting activities and physical education.
  • Education and training.
  • Some medical treatments.
  • Financial services, insurance and investments.

Do you pay VAT on services?

VAT is short for ‘Value Added Tax’, and is charged on most sales of goods and services in the UK. When your business makes sales, you don’t charge VAT to your customers unless you’re registered with HMRC to do so.

Are donations VAT exempt or zero-rated?

Donation and grant income is not consideration for a supply and is a non-business activity that falls outside the scope of VAT. This is because this income is freely given with no strings attached and is treated by the charity as a gift.

Is insurance VAT exempt?

Insurance supplied within the UK is exempt from VAT. … In normal circumstances, VAT cannot be recovered on goods and services bought in to make supplies that are exempt or would be exempt if they were supplied in the UK.

What is exempted turnover under VAT?

Businesses with a turnover of less than Rs 10 lakh may now be exempt from VAT. If implemented, the new threshold limit will remove various small businesses from the VAT net. It will also neutralise the residual political opposition to VAT from states like Uttar Pradesh and Tamil Nadu.

Are professional fees subject to VAT?

Yes. A professional whose gross receipts/professional fees are more than the threshold amount of P1,919,500 shall be liable to VAT, regardless of whether or not he/she registers as a VAT-taxpayer.

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Do you pay VAT on baby items?

There are also some goods and services that are zero-rated for VAT, which means that no VAT is paid or can be reclaimed on them. … Zero-rated goods and services include: baby and children’s clothes.

Why are some products exempted from VAT?

Zero-rated goods are products that are exempt from value-added taxation (VAT). Countries designate products as zero-rated because they are leading contributors to other manufactured goods and a significant component of a broader supply chain.