Home Business 7.5% VAT Implementation To Commence February 1, 2020, Says Finance Minister

7.5% VAT Implementation To Commence February 1, 2020, Says Finance Minister

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The Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed has announced that the full implementation of the 7.5per cent Value Added Tax (VAT) will take effect from February 1st, 2020.

The announcement comes 24 hours after the Accountant General of the Federation briefed the media that the new VAT regime will take effect from January 15, 2020.

The statement from the Minister quoted from KPMG professional services firm said the February date gives stakeholders a 2-week transition period to make adequate preparations to ensure compliance with the new law.

Nigerians were displeased when, earlier this week, President Muhammadu Buhari signed the Finance Bill into law.

The displeasure stemmed mainly from concerns that the increase of VAT from five per cent to 7.5per cent (as contained in the Finance Bill), could trigger price hikes for certain products/services.

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