New VAT rate kicks off Feb 1

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Thursday disclosed that the implementation of the 7.5% Value Added Tax (VAT) commences February 1, 2020, as all the necessary administrative procedures, especially the gazette of the Act by the Federal Ministry of Justice, would have been completed.

Ahmed made the disclosure at the inauguration of the newly constituted  board of the Federal Inland Revenue Board (FIRS).

Before now, the Accountant-General of the Federation, Mr Ahmed Idris told finance journalists that his office has commenced implementation, since the bill has been signed into law by President Muhammadu Buhari.

While the Minister reckons that the new finance document has become a law that should take effect immediately, she however noted that there were certain administrative procedures and formalities to be finalised before commencement.

The minister while inaugurating the new board reminded the chairman his members that being members of a country tax administration comes with huge responsibility and they must  work hard to show that their appointments were well deserved.

She challenged the new board to churn out new ideas and strategies that will improve the country’s tax administration.

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