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7.5% VAT to be implemented from February 1, says finance minister

7.5% VAT to be implemented from February 1, says finance minister
January 16
16:30 2020
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Zainab Ahmed, the minister of finance, budget and national planning, says the implementation of the new value-added tax rate will begin on February 1, 2o2o.

The minister announced this at the ongoing inauguration of the Federal Inland Revenue Service (FIRS) board.

President Muhammadu Buhari signed the finance bill, which increased VAT by 50% into law on January 13.

Ahmed Idris, the accountant general of the federation, had, on Wednesday, said implementation had begun.

“You cannot implement a budget unless the national assembly passes it and Mr President signs it. So, the decision to increase VAT was debated and members of the public were sensitised and nobody can start deducting that VAT unless the bill is signed,” Ahmed had said.

“So I stopped it and asked them to go and recharge at 7.5%. You cannot implement something unless you have the instrument whether administrative or legal for it to be implemented.”

The newly signed bill expands the VAT-exempt items to include honey, bread, cereals, cooking oils, culinary herbs, fish. flour, starch, fruits, meat, poultry, milk, nuts, pulses, roots, salt, vegetables, water, sanitary pads, tampons, tertiary, secondary, primary and nursery tuition.

The bill amends parts of the company income tax act, value-added tax act, personal income tax act.

 

 

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