VAT Increment To Be Effective From February 1,2020 – FG tells Nigerians

Mrs Zainab Ahmed who is the Minister of Finance, Budget and National Planning, has revealed that the increment in Value Added Tax (VAT) from 5 to 7.5% will be effective from February 1, 2020.

This was revealed at the inauguration of the Chairman and Board members of the Federal Inland Revenue Service (FIRS) in Abuja. She added that Finance Act which President Buhari signed into law made provisions to support Micro, Small and Medium Enterprises (MSMEs) and soften the effect of the VAT rate increase on companies in a bid to increase employment and boost the economy


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