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Tax expert urges NASS to okay Feb. 1 as VAT approval date



However, VAT at five per cent can be collected pending the National Assembly’’s approval of the commencement date of the Finance Act 2019.

“The power to issue regulations must be derived from the Finance Act.”

Babington-Ashaye said without proper notification of the commencement of the Finance Act, the general public might refuse to comply with the new rate or any other provisions in the Finance Act 2019 and it might lead to court cases.

The former Executive Chairman, Ogun State Internal Revenue Service, also said that without the pronouncement on the commencement date, the law could not be alleged by the revenue agencies in court or tax tribunal.

The tax expert said such Act in developed climes such as the United Kingdom and even in African country such as Kenya had commencement dates.

She advised stakeholders to refer to the UK Finance Act 2019 and Kenya Finance Act 2019 on commencement and transitional provisions for the implementation of their Finance Act.

She said that it would help for the best interest of tax development in Nigeria.

Edited By:: Olawunmi Ashafa/Donald Ugwu

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Lydia Ngwakwe: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]