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.