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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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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

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