Fec Meeting, Fırs, Vat

Fec Meeting, Fırs

FEC approves 7.2% as new VAT

11.9.2019

FEC approves 7.2% as new VAT

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed John Ameh, Abuja The Federal Executive Council on Wednesday approved 7.2 per cent as new Value Added Tax rate for the country, up from the current 5 per cent. However, a decision has yet to be taken on the effective date of the new rate. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who spoke with State House Correspondents after the FEC meeting in Abuja, said consultations were ongoing over when the new rate would apply. She explained that stakeholders, including the National Assembly and the states, would have to agree on the date. The minister stated that the VAT Act would also have to be amended by the National Assembly before the take-off date of the new rate, which she said could be sometime in 2020. She said, “We also reported to council and council has agreed that we start the process toward the increase of the VAT rate. We are proposing and council has agreed, increase in the VAT rate from 5 per cent to 7.2 per cent. This is important because the federal government only retains 15 per cent of the VAT; 85 per cent is actually for the states and local governments. The states need additional revenue to be able to meet the obligations of the minimum wage. “This process involves extensive consultations that need to be made across the country at various levels and also it will involve the review of the VAT Act. So, it is not going to be implemented immediately until the Act is reviewed.” DOWNLOAD THE PUNCH NEWS APP NOW ON Receive Alerts on: Read more: The Punch Newspapers

FEC approves N10.07trn 2020 Budget proposal, raises VAT to 7.2% – Daily TrustThe Federal Executive Council (FEC) on Wednesday approved N10.07trillion 2020 Budget proposal for onward transmission to the National Assembly for consideration and approval. The Minister of Finance, Budget and National Planning, Hajiya Zainab Ahmed, made this known when she briefed State House correspondents on the outcome of the meeting of the Council which was presided …

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BREAKING: Buhari, ministers hold first post-inauguration FEC meeting

Photos: Buhari, Ministers at FEC meeting - The Nation NewspaperPresident Mohammadu Buhari with the Ministers during the Federal Executive Council Meeting at the Presidential Villa in Abuja on Wednesday....

'We Must Not Fail', Says Buhari at Maiden FEC Meeting after Reelection - THISDAYLIVEBy Omololu Ogunmade in Abuja President Muhammadu Buhari is currently presiding over the first Federal Executive Council (FEC) meeting in his second term in the State House. In his opening remarks at the meeting, Buhari tasked the ministers to bear in mind the oath of office they swore to uphold while being sworn in on …

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