FIRS Notices You Must Not Ignore

news image 1
Published on 19 Feb 20


Commencement of VAT implementation

Following the enactment of the Finance Act, 2019 and its subsequent publication in the gazette, the Federal Inland Revenue Service (“FIRS”) has issued a public notice stating that the commencement date for the implementation of the new Value Added Tax (“VAT”) rate is the 13th of January, 2020.

Under section 2 of the Interpretation Act Cap I23 Laws of the Federation of Nigeria 2004, an Act is passed when the President assents to the Bill for the Act whether or not the Act comes into force. Section 3 of the Acts Authentication Act Cap A2 Laws of the Federation of Nigeria 2004 provides that an Act shall come into force upon the President's assent unless otherwise prescribed by Act. In other words, the date of assent shall be the commencement date unless otherwise stated in the Act itself or by the passing of another Act.

Download the pdf to read more.