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Confusion on 7.5% VAT rate kick off date

There are conflicting signals over take off date for the new VAT rate !

It is yet to be gazetted, and laws do not operate before its becomes law..President Buhari only signed it days back. Jan 1 is the official take off date.

Now, the signal from the Accountant General if the Federation is not helping

The implementation of the newly introduced 7.5 per cent hike in Value Added Tax (VAT) and related tax adjustments in the 2010 Finance Act has commenced, says Accountant-General of the Federation (AGF), Mr. Ahmed Idris said on Wednesday.

The implementation is sequel to Monday’s signing of the Finance Bill by President Muhammadu Buhari .

The AGF told reporters in Abuja on Wednesday that since the bill had become a law, its implementation by his office had to start.

Idris said he saw a payment on Wednesday in which five per cent VAT was applied, but had to return it to the person.

His words, ”on Wednesday, I saw a payment which was done in December last year and when I checked the payment, the VAT on it was five per cent and I said no it must be 7.5 per cent because the five per cent VAT has been overtaken by events because that is the law as at today.

“So, I stopped it and asked them to go and recharge at 7.5 per cent. You cannot implement something unless you have the instrument whether administrative or legal for it to be implemented.”

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