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.
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