The Association of Licensed Telecommunications Operators of Nigeria (ALTONS) said it will start implementing the country’s new 7.5% Value Added Tax (VAT) increase from Saturday, February 1 2020.
This was disclosed by ALTONS in a statement jointly signed by its chairman Gbenga Adebayo and head of operations Gbolahan Awonuga.
“Further to the assent of the Finance Bill by President Muhammadu Buhari…which reviewed the Value Added Tax (VAT) from 5% to 7.5%, ALTONS wishes to notify consumers that our members will begin applying the new VAT rate on all purchased telecommunication products and services with effect from 1st of February 2020.”
“Consequently, the 7.5% increased VAT will reflect in the charges of phone calls, text messages and data for internet in Nigeria.
“The telecommunications operators assured Nigerians of tariff transparency and quality service delivery.”
Buhari on Monday, January 13 signed the finance bill into law.
He said the bill was “specially designed to support its implementation and to create a truly enabling environment for business and investment by the private sector.”
The president also said signing the bill will reform Nigeria’s tax laws to align with global best practices and support micro, small and medium scale enterprises in line with his administration’s Ease of Doing Business Reforms.
Buhari said the finance bill was “specially designed to support its implementation and to create a truly enabling environment for business and investment by the private sector.”
Buhari noted that the new law will incentivize investments in infrastructure and capital markets and raise revenues.
The Nigeria president commended members of the Ninth National Assembly for the passage of the Deep Offshore and Inland Basin PSC Amendment Bill, and the Finance Bills, he said are both vital to the successful implementation of the 2020 Budget.