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VAT Increase To Take Effect From January 2

Finance minister, Zainab Ahmed has said that the new finance bill which calls for a 7.5% increase in VAT will take effect from January 2020.

Ahmed, according to PUNCH, made the disclosure at a PWC executive session on finance bill and tax strategy on Wednesday.

She explained that the intent of the new tax regime was not to hurt businesses but to grow the country’s non-oil sector contribution.

The bill has been assented to by the house of representatives.

 

Written by Jessica Momodu

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