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7.5% VAT takes effect February 1 as FG inaugurates FIRS board

7.5% VAT takes effect February 1 as FG inaugurates FIRS board

 

The effective date for the take- off of the 7.5 percent new Value Added Tax (VAT) regime has been fixed  for February 1, 2020.

The minister of Finance, Budget and National Planning, Mrs Zainab Ahmed made this known on Thursday during the inauguration of the newly constituted  board of the Federal Inland Revenue Board (FIRS).

According to the minister, the new date has put to rest the speculations about the effective take off date for the new VAT regime.

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.

She challenged the new board comprising of the chairman and 13 members to come up with ideas and strategies that will improve the country’s tax administration.

The new chairman of the FIRS board,  Mr.  Muhammed Nami in his inaugural speech assured the Finance Minister that he would bring his experience and expertise to bear in his new portfolio and called on other members of board to give him unalloyed loyalty and cooperation to give the desired result.

Nami announced a 13-point priority areas the new board will address in his first 100 days in office including: capacity building for the FIRS staff, building new enforcement strategies,  restructuring and repositioning audit functions, review of structures and corporate strategic retreats.

Others are overhauling critical  infrastructure,  repositioning of collections, reporting and accounting as well as repositioning of the large and medium taxpayers offices among others

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