New VAT rate to become effective 1 February 2020

Sequel to our alert of 15 January 2020 on the Finance Act 2019, 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.

The Minister made this disclosure during the inauguration of the new board of Federal Inland Revenue Service. However, as previously stated, the Minister reiterated that further guidelines on the roadmap for implementation of the Finance Act 2019, would be developed subsequently and communicated to the public.

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