FEC Approves VAT Increment From 5% to 7.2%

The Federal Executive Council has approved the increment of value-added tax (VAT) rate from 5 percent to 7.2% percent, on Wednesday, September 11, 2019.

It was confirmed by the Minister of finance, budget and national planning, Mrs. Zainab Ahmed. According to her, the new rate will take effect from 2020 and is subject to an amendment of the VAT act of 1994 by the national assembly.

She confirmed the consultation with other stakeholders before implementation.

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