The Association of Licensed Telecommunications Operators of Nigeria (ALTON) said it will start implementing the country’s new 7.5 per cent Value Added Tax (VAT) increase from Saturday, February 1 2020.
“Further to the assent of the Finance Bill by President Muhammadu Buhari…which reviewed the Value Added Tax (VAT) from 5 to 7.5 per cent, ALTONS wishes to notify consumers that our members will begin applying the new VAT rate on all purchased telecommunication products and services with effect from 1st of February 2020,” ALTONS said in a statement jointly signed by its chairman Gbenga Adebayo and head of operations Gbolahan Awonuga.
Consequently, the 7.5 per cent increased VAT will reflect in the charges of phone calls, text messages and data for internet in Nigeria.
The telecommunications operators assured Nigerians of tariff transparency and quality service delivery.
It would be recalled that the president signed the financial bill into law on January 13, 2020.
He said the bill was “specially designed to support its implementation and to create a truly enabling environment for business and investment by the private sector.”
He also said signing the bill will reform Nigeria’s tax laws to align with global best practices and support micro, small and medium scale enterprises in line with his administration’s Ease of Doing Business Reforms.
