The Federal Government of Nigeria (FGN) has gazetted the Finance Act, 2019 (the Act) which was signed into law on 13 January 2020. Application of all amendments to the extant laws, as contained in the Act, commenced on 13 January 2020.
It is noteworthy, however, that the Honourable Minister of Finance, Budget and National Planning announced that the increased VAT rate of 7.5% took effect from 1 February 2020.
You can access the gazetted copy of the Act here. Please watch out for our updated newsletter on this topic, for a more detailed analysis of each amendment and attendant implications.