Vat: Federal Government Retains 5% For Contracts Awarded Before February 1
Vat: Federal Government Retains 5% For Contracts Awarded Before February 1

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 the President on Media and Publicity, Garba Shehu announced this while addressing State House reporters after the Federal Executive Council meeting.

He said the report of a Cabinet Committee on the effective date for the commencement of the 7.5 per cent VAT on government contracts has been approved.

The Presidential Spokesman added that the council had given approval that new contracts signed from February 1, 2020 going forward would attract 7.5 per cent VAT, while those contracts earlier signed on 5 per cent AT before February 1 would remain at 5 per cent.