Accountant-General Disregards Finance Minister Payment Of 7.5% VAT

Contrary to the position of the Minister Of Finance, Budget And National Planning, Zainab Ahmed, that the implementation date for the new VAT payment would be announced at a later date, the  Accountant-General of the Federation, Ahmed Idris, has begun implementation.

Idris while speaking to journalists on Wednesday said he stopped the payment for a transaction that occurred in 2019 as it did not comply with the 7.5% Value Added Tax(VAT)rate stated in the Finance Act.

“Just yesterday (Tuesday), I saw a payment which was done last year in December and when I checked the payment, the VAT on it was 5%  and I said no it must be 7.5 % because of the 5% VAT has been overtaken by events because that is the law as at today.”

Ahmed on Tuesday had said the implementation date of the Act would be announced in due course.

But contrary to the stance of Ahmed, Idris  said the bill has become a law and it was crucial for his office to obey the law and begin its implementation immediately.