The new Value added Tax rate of 7.5 per cent will not take effect until the new Finance Bill is gazetted by the Federal Government, President, Chartered Institute of Taxation of Nigeria , Dame Olajumoke Simplice has said.
She said the Bill had stipulated that the implementation date will be January 1, 2020, but the was only signed on January 13. Simplice disclosed that despite the VAT raise, Nigeria’s VAT is still one of the lowest in the world.According to her, the last VAT review was 25 years ago. She said the country also has the lowest VAT rate in Economic Community of West African States sub-region.“VAT is a tax on consumption and is only paid when you consume goods or pay for services. Nigeria’s decision to raise VAT is good for its trade relations with other countries.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LCCI lauds Buhari over assent to Finance Bill, insists VAT increment will impact businesses negatively – Daily TrustThe Lagos Chamber of Commerce and Industry (LCCI) has commended the federal government on some of the expected positive impacts of the finance bill signed into law by President Muhammadu Buhari on Monday.
Source: Daily Trust - 🏆 13. / 51 Read more »
LCCI lauds Buhari over assent to Finance Bill, insists VAT increment will impact businesses negatively – Daily TrustThe Lagos Chamber of Commerce and Industry (LCCI) has commended the federal government on some of the expected positive impacts of the finance bill signed into law by President Muhammadu Buhari on Monday.
Source: Daily Trust - 🏆 13. / 51 Read more »
Buhari Signs Finance Bill into Law - THISDAYLIVEBy Omololu Ogunmade in Abuja President Muhammadu Buhari on Monday in Abuja signed the 2020 Finance Bill into law. The president’s media adviser, Mr. Femi Adesina, in a statement, recalled that Buhari, while presenting the 2020 Appropriation Bill to the National Assembly late last year, made the presentation along with the Finance Bill. According to …
Source: THISDAY LIVE - 🏆 14. / 51 Read more »