7.5% VAT to be implemented from February 1 - Finance minister Ahmed declares
- FG has revealed new date for implementation of 7.5% VAT
- Zainab Ahmed, the minister of finance, budget and national planning, said the implementation would begin on February 1
- President Buhari had on January 13, signed the finance bill into law
Despite agitation over the proposed VAT increment by the federal government, the minister of finance, budget and national planning, Zainab Ahmed, has said that the implementation of the new value-added tax rate would begin on February 1.
Cable news reports that the minister announced this at the ongoing inauguration of the Federal Inland Revenue Service (FIRS) board.
Legit.ng gathered that President Muhammad Buhari signed the finance bill, which increased VAT by 50% into law on January 13.
The accountant general of the federation, Ahmed Idris, had, on Wednesday, January 15, said that the 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.
“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,” Ahmed had said.
Meanwhile, Legit.ng had previously reported that the accountant-general of the federation, Ahmed Idris, and Zainab Ahmed gave conflicting information regarding the implementation of the finance bill.
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Ahmed had earlier on Tuesday, January 14, said the implementation date for the finance would be announced in due course.
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Source: Legit.ng
