• Inputs used for agricultural purposes are duty and tax free on importation;
• Deductible annual allowances of 20 percent on specialized trucks, trailers, tractors, plant and Machinery used in farming;
• Deductible annual allowances of 20 percent on farming costs for farm works such as labor quarters, immovable buildings, fences, dips, drains, water and electricity supply works and other works necessary for the farm;
• Income exemption for the interest earned by a financial institution on a loan to any person for the purpose of farming, animal and poultry husbandry;
• Income exemption for persons engaged in agro processing;
• The following items are VAT exempt;
– Supply of veterinary services
– Supply of veterinary equipment
– Supply of poultry and livestock
– Supply of machinery used for the processing of agricultural products;
• VAT Zero rated items include;
– Supply of fertilizers, pesticides and hoes
– Supply of machinery, tools and implements suitable for use only in agriculture
• Withholding tax is exempted for the following;
– Supply or importation of animal drugs
– Supply or importation of plant and machinery