Mrs Zainab Ahmed, minister of Finance, Budget and National Planning on Thursday disclosed that the implementation of the 7.5% Value Added Tax (VAT) commences February 1, 2020, as all the necessary administrative procedures, especially the gazette of the Act by the Federal Ministry of Justice, would have been completed.
Zainab made the disclosure at the inauguration of the newly constituted board of the Federal Inland Revenue Board (FIRS).
Before now, the Accountant-General of the Federation, Mr Ahmed Idris told finance journalists that his office has commenced implementation, since the bill has been signed into law by President Muhammadu Buhari.
While the Minister reckons that the new finance document has become a law that should take effect immediately, she however noted that there were certain administrative procedures and formalities to be finalised before commencement.
The minister while inaugurating the new board reminded the chairman his members that being members of a country tax administration comes with huge responsibility and they must work hard to show that their appointments were well deserved.