The Federal government said the Finance Law will take effect after all the necessary administrative procedures must have been completed, especially the gazetting of the Act by the Federal Ministry of Justice.
The Minister of Finance, ZAINAB AHMED, who confirmed the February 1st date said the date had put to rest every speculation regarding the take-off date of the new VAT regime.
The minister said once a bill was signed into law, it would take effect immediately, but noted that there were certain administrative procedures and formalities to be finalised before commencement.
The VAT increase which is meant to help government achieve its revenue projections for the 2020 budget is a part of the tax reforms included in the 2019 Finance Act.
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