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Implementation of 7.5% VAT rate to commence on 1 February 2020

Implementation of 7.5% VAT rate to commence on 1 Feb...

The Honourable Minister of Finance, Zainab Shamsuna Ahmed, has announced that implementation of the 7.5% value added tax (VAT) rate under the new Finance Act will commence on 1 February 2020.

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Wole Obayomi

Partner & Head, Tax, Regulatory & People Services

KPMG in Nigeria

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Implementation of 7.5% VAT rate to commence on 1 February 2020

This gives stakeholders a 2-week transition period to make adequate preparations to ensure compliance with the new law.

We expect the Federal Government to publish the Finance Act in its Official Gazette in due course.

For any enquiries on the above, please contact:

Wole Obayomi

ng-fmtaxenquiries@ng.kpmg.com

© 2020 KPMG Professional Services, a partnership registered in Nigeria and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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