Nigeria:
New VAT Rate To Become Effective 1 February 2020
17 January 2020
Deloitte Nigeria
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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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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