| Taxes & Tariffs |    2407 VIEWS  |
| Taxes & Tariffs | |
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Thursday,
January 16, 2019 / 7:33 PM / Wole Obayomi, KPMG / Header Image Credit: Naija News
The Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed
has announced that the full implementation of the 7.5% Value Added Tax, VAT
increment in Nigeria, 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.
KPMG expects
the Federal Government to publish the Finance Act in its Official Gazette in
due course.
President Muhammadu Buhari, on January 13, 2020, signed the Finance Bill
2020 which analysts and experts believe could serve as an economic game-changer
for the nation.
1. President Buhari Signs Finance Bill, 2019
2. Nigeria's Finance Bill 2019 Key Changes and
Implications
3. Finance Bill 2019 Compels Individuals to Produce
Their TIN Before Operating Bank Accounts
4. House of Representatives Passes Finance Bill, 2019
5. Finance Bill 2019: Tax Implications for Nigerian
Entities
6. Senate Passes Finance Bill, 2019
7. 2019 Finance Bill: 20 Sweeping Changes To Nigeria's
Tax Laws That May Affect You
8. The Key Changes In The 2019 Finance Bill - Focus on
Taxation
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