Anna OkonBanks, shipping companies, the Nigeria Customs Service and agencies that offer services requiring the Value Added Tax, adjusted their rates on Saturday to reflect the new VAT rate of 7.5 per cent. He said, “The VAT rates on all the services in the port have been adjusted. Not just for Customs but other agencies that offer services with VAT attached. In an advisory note to its clients, French shipping line, CMA-CGM, also indicated that its VAT rate would be adjusted from February 1 in compliance with the Federal Government’s directive. ), on January 13, signed the Finance Bill into law, specifying an increase in VAT rate from five per cent to 7.5 per cent, among other provisions.

Source: Punch February 02, 2020 03:14 UTC