Tuesday, 26th October 2021
<To guardian.ng
Search
Breaking News:

Buhari moves to gazette February 1 date for VAT increase implementation

By Victor Uzoho
11 March 2020   |   3:09 am
President Muhammadu Buhari, yesterday, sent an Executive Bill to the National Assembly seeking an amendment to some provisions of the Finance Act 2019.

Buhari. Photo: TWITTER/NIGERIAGOV

President Muhammadu Buhari, yesterday, sent an Executive Bill to the National Assembly seeking an amendment to some provisions of the Finance Act 2019.

The letter was read by the President of the Senate, Ahmad Lawan, on the floor of the red chamber, while Speaker Femi Gbajabiamila read the document in the House of Representatives during plenary.

According to the president, the bill seeks to clarify that the effective date of the implementation of the 7.5 per cent Value Added Tax (VAT) increment is February 1, 2020, and not the January 18 date held by many stakeholders.

He said the bill also wants to amend the provisions of the tax holiday incentive for agriculture and the inclusion of animal feeds in the list of basic food items exempted from VAT.