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Home Business News

FG to implement new 7.5% VAT on Feb 1  

Titobioluwa Okunade by Titobioluwa Okunade
January 17, 2020
in Business News, Politics
land borders to be reopened soon, Finance, Ministaer, vow to recover AMCON debt through issuance of promissory notes, FG reiterates stance on IPPIS as ASUU threatens strike, Finance Minister, Zainab Ahmed identifies capital market as key driver for economic growth , Nigeria has paid $1.09 billion to service its debts in 2019  , Dividends on oil proceeds will be taxed - FG , State governments own most bad roads - Finance Minister says, Budget deficit increases by N351.98 billion, as FG misses revenue target, Economy: Funding MSMEs in Nigeria , Finance Bill: New tax regime to take effect from Jan 2 - FG , Again, Finance Minister argues that Nigeria is not in debt distress , ECOWAS: Single currency regime not kicking off in 2020  , FG: CBN holds N43 billion stamp duty charges collected by banks , FG may shift deadline to deactivate bank accounts without tax verification, Confusion as ministry and presidency disagree over Finance Act start date, 7.5% VAT: Implementation to begin Feb 1 – FG , Finance Minister: Nigeria to go into recession if ..., Foreign tech companies that will now pay tax to FGN: see the criteria
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The Federal Government has disclosed that it will begin implementation of the 7.5% Value-Added Tax (VAT) from February 1, 2019.

While speaking at the inauguration of the Federal Inland Revenue Service (FIRS) board, the Minister of Finance, Zainab Ahmed, confirmed that the law was set to take effect after all necessary administrative procedures had been completed. She added that the fixed date had settled all confusion on the implementation of the law.

7.5% VAT: Implementation to begin Feb 1 – FG  
Muhammad Nami

“The implementation of the Value Added Tax is to take effect from February 1, 2020, after all the necessary administrative procedures have been completed, especially the gazette of the Act by the Federal Ministry of Justice,” Ahmed said.

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Meanwhile, Ahmed stated that the bill took effect immediately it was signed into law but noted that there were certain administrative procedures and formalities to be finalized before commencement. She added that the Finance Act boosts the revenue available to finance key government projects, especially in the areas of health, education and critical infrastructure.

She admonished the FIRS board members to ensure that the smooth operation of the various tiers and arms of government in Nigeria, as well as the well-being of the Nigerian people, was a crucial responsibility.

[READ MORE: Air travelers may soon witness fare hike due to VAT increase)

The newly appointed Executive Chairman of the FIRS, Muhammad Nami, promised to reposition the FIRS for improved performance, adding that an institutional framework rebuilding was being carried out by strengthening the capacity of departments and units to deliver on their mandates and improved collaboration with stakeholders to remove critical bottlenecks in the tax system.

Mr Nami also said the FIRS board would see to the review of structures for optimal performance; capacity building on the finance law and other tax programmes; review of Tax Clearance Certificate administration process, and revamping of the Integrated Tax Administration System.


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Tags: 7.5% Value-Added TaxFederal Inland Revenue ServiceMr Muhammad NamiMrs Zainab Ahmed
Titobioluwa Okunade

Titobioluwa Okunade

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