The Federal Government has begun the implementation of
the 7.5 percent Value Added Tax (VAT), the Accountant-General of the
Federation, Ahmed Idris, said yesterday.
Addressing journalists in Abuja, he said, the new VAT
took effect following the signing of the Finance Law on January 13, 2020 by
President Muhammadu Buhari.
He said outstanding payments to the federal government
that were not done in 2019 would now attract 7.5 percent VAT and not five
percent that applied when those transactions were consummated. “Just yesterday,
I saw a payment which was done in December 2019, and when I checked the
payment, the VAT rate was five percent and I said no. it must be 7.5 percent
because it has been overtaking by events. That is the current law,” he said.
The AGF reiterated the federal government’s commitment
to run an open governance system to drive down corruption. “The process for the
portal started at the Office of the Accountant General of the Federation. We
told the government that one of the ways to fight corruption is to be open with
government processes. And we got the federal executive council approval to set
up the transparency portal where anyone can go online and see government
revenues and expenditures” he noted.
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