Businesses and prospective investors should seek professional guidance on the new act
The conflicting signals over the take off date for Finance Act 2020 are rather unfortunate. While the presidency said it has already taken effect and the implementation of its provisions was expected to be immediate, the Ministry of Finance countered that the takeoff date would be announced “in due course.” Less than 24 hours after that declaration, the Accountant General of the Federation (AGF), Ahmed Idris, announced that the federal government had commenced some aspects of the Finance Act with the implementation of 7.5 per cent Value Added Tax (VAT) on delayed payments on government transactions. Two days later, the finance ministry overruled the AGF and fixed 1st February, 2020 as the date for the new VAT rate to take effect.
This is not the way to treat a very important legislation that has amended a number of several existing laws, including the Petroleum…
Source: Thisday Newspaper
