₦airaland Forum

i invoiced yesterday and received invoices from suppliers as well. All invoices still have 5 % VAT since the federal government has not made it a law.

I envy you guys because in my country the VAT is considerably higher than here. Which means that you are lucky and must use this privilege to make your businesses useful for the society. I can also suggest that you use job management software to pull the maximum out of your business and increase your profits as well as save considerable chunk of time.

famouscargo4u:
i invoiced yesterday and received invoices from suppliers as well. All invoices still have 5 % VAT since the federal government has not made it a law.

That is correct tho

profstar:
So when federal government makes it into law, let's hope it won't affect the already processed invoices with 5% in 2020 since the law mentioned January 1st.

Until the federal government pass it, it won't be in effect and it cannot be in arrears. So, for now, it is what it is.

famouscargo4u:
Until the federal government pass it, it won't be in effect and it cannot be in arrears. So, for now, it is what it is.

Okay o, let's wait and see

It's not yet a law, until the presido append his signature and it will only took effect on the day it was sign into law.