Accountant-general opposes finance minister, says 7.5% VAT is in full force
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Accountant-general opposes finance minister, says 7.5% VAT is in full force

- There is a controversy over the implementation of the finance bill recently signed into law by President Buhari

- The accountant-general of the federation, Ahmed Idris, said implementation of the bill has begun

- Idris' statement contradicts the statement by the minister of finance which indicated that the implementation date for the bill would be announced later

The accountant-general of the federation, Ahmed Idris, and the minister of finance, budget and national planning, Zainab Ahmed, have given conflicting information regarding the implementation of the finance bill.

The Cable reports that the Idris said the implementation of the finance bill, including the increment of Value Added Tax from 5% to 7.5%. has begun.

The online newspaper, however, notes that Idris's statement is contrary to the earlier statement made by the finance minister.

Accountant-general opposes finance minister, says 7.5% VAT is in full force

Accountant-general, finance minister give conflicting information on implementation 7.5% VAT increase
Source: UGC

Legit.ng gathered that Ms Ahmed had earlier on Tuesday, January 14, said the implementation date for the finance would be announced in due course.

The accountant-general reportedly said on Wednesday, January 15, that he stopped the payment for a transaction that occurred in 2019 because the VAT was processed at 5%.

Asked why he stopped the payment for a transaction that occurred before President Muhammadu Buhari signed the bill into law, Idris explained that VAT is deducted at the point of payment and not at the point of purchase.

The VAT increase has generated heated reactions as many Nigerians opposed the move, saying it will lead to increase in prices of goods and result in increased inflation.

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Earlier, Legit.ng reported that President Buhari on Monday, January 13, signed the Finance Bill into law.

Recall that the president had in 2019 sent the bill alongside the 2020 budget to the National Assembly for consideration.

President Buhari said the newly signed law was put in place to reform Nigeria’s tax laws and support MSMEs in line with the government's Ease of Doing Business reforms.

President Buhari noted that his administration is the first since 1999 to accompany the budget with a Finance Bill which is specially designed to support its implementation.

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Source: Legit

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