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VAT implementation takes effect Feb. 1– finance minister

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Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning says the implementation of Value Added Tax (VAT) increase from five per...

Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning says the implementation of Value Added Tax increase from five per cent to 7.5 per cent will take effect from Feb. 1.

“Future Finance Bills will therefore, provide us with additional opportunities to incrementally improve the fiscal policy and regulatory and legal environment. While inaugurating the board, the minister urged the new board to ensure steadfastness of the service in meeting non-oil revenue targets to accelerate the nation’s development.

“As a tax administrator and custodian of the Nigerian tax system, we have the responsibility to the nation to implement all tax policies and laws in a manner that would ensure optimal benefits to the nation.”Nami said FIRS had a duty to strengthen, withstand and overcome the challenges that was ahead of it.

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