The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed on Thursday revealed that the government will start the implementation of the 7.5% Value Added Tax (VAT) on February 1.
Ahmed claimed that all the necessary administrative procedures, especially the gazette of the Act by the Federal Ministry of Justice, would have been completed before the date.
She made the announcement in Abuja at the inauguration of the newly constituted board of the Federal Inland Revenue Board (FIRS).
Before now, the Accountant-General of the Federation, Ahmed Idris told finance journalists that his office has commenced implementation, since the bill has been signed into law by President Muhammadu Buhari.
While she agreed that the new finance document has become a law that should take effect immediately, she however noted that there were certain administrative procedures and formalities to be finalised before commencement.
The minister while inaugurating the new board reminded the chairman and members that being part of a country tax administration comes with huge responsibility and they must work hard to show that their appointments were well deserved.
Ahmed challenged the new board to churn out new ideas and strategies that will improve the country’s tax administration.