VAT: FG Retains 5% For Contracts Awarded Before February 1 - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
March 12, 2020
The Federal Government says has retained 5 per cent Value Added Tax, VAT for contracts awarded before February 1, 2020.
The Senior Special Assistant to thePresident on Media and Publicity, Garba Shehu announced this while addressingState House reporters after the Federal Executive Council meeting.
He said the report of a CabinetCommittee on the effective date for the commencement of the 7.5 per cent VAT ongovernment contracts has been approved.
The Presidential Spokesman addedthat the council had given approval that new contracts signed from February 1,2020 going forward would attract 7.5 per cent VAT, while those contractsearlier signed on 5 per cent AT before February 1 would remain at 5 per cent.