Finance Act: Key players react to removal of VAT from commercial airline tickets Finance Act: Key players react to removal of VAT from commercial airline tickets
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The Federal Government has finally yielded to one of the several yearnings of the domestic airlines for the removal of Value Added Tax (VAT) on air transport operations as contained in the 20 changes just introduced in the Finance Act 2020.
The VAT removal which was signed by President Muhammadu Buhari, and already taken effect January 1, 2021 which included exemption of commercial airline tickets from VAT, has brought great relief to Nigeria’s airline operators who had hitherto lamented the negative impact of many VAT charges on their cost of operations.