FG implements Finance Act, charges 7.5% VAT on transactions

The Accountant-General of the Federation, Alhaji Ahmed Idris, confirmed the development in an interview with journalists on Wednesday in Abuja.

According to him, payment for the transaction which occurred last year would not be made until the 7.5 per cent VAT was factored into the cost of transaction. “Just yesterday , I saw a payment which was done last year in December and when I checked the payment, the VAT on it was five per cent and I said no, it must be 7.5 per cent because the five per cent VAT has been overtaken by events because that is the law as of today.

With the portal, the Accountant General of the Federation is mandated to publish daily treasury statement to provide information about what came into the national treasury and what was spent on government programmes. The National Coordinator, Youth Employment and Social Support Operations of the Federal Government, Mrs Hajara Sani, said this in Abuja at a Social Protection Practitioners and Academics dialogue.

They are mad for the increasement of the vat oooooo

This VAT increment will suffer our masses

7.5% VAT charges implemented. Wow!

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