New VAT rate to become effective 1 February 2020
The Minister of Finance (the Minister) today, 16 January 2020, announced the effective date for implementation of the new VAT rate of 7.5% to be 1 February 2020
Federal Government to announce the future date of implementation of Finance Bill, 2019
In the interim, we understand that the implementation date of the Act would be communicated later by the Federal government to the general public. This became necessary in order to allay the concerns of taxpayers who are yet to sight the Act while being apprehensive that its provisions may have taken effect from 13 January 2020 (i.e. the date the Act was signed by the President.
Nigeria’s President signs 2019 Finance bill into law
The Finance Bill, which was passed by the National Assembly in December 2019 and transmitted to the presidency for assent, is expected to change the tax landscape in Nigeria as it contains amendments to the provisions of seven (7) extant tax laws.
Nigeria Tax Landscape maintains Status Quo as Finance Bill 2019 is yet to be enacted
It is in the overall interest of the country that the euphoria that greeted the release of the Finance Bill is sustained with an early passage. This is a much-needed action in view of the drive towards bridging the country’s revenue gap.