The Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed has announced that the full implementation of the 7.5% Value Added Tax, VAT increment in Nigeria, will take effect from February 1st, 2020.
The announcement comes 24 hours after the Accountant General of the Federation briefed the media that the new VAT regime will take effect from January 15, 2020.
The statement from the Minister quoted from KPMG professional services firm said the February date gives stakeholders a 2-week transition period to make adequate preparations to ensure compliance with the new law.
Source: proshareng.com
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