The law will take effect after all the necessary administrative procedures must have been completed, especially the gazette of the Act by the Federal Ministry of Justice.
The Minister of Finance, Mrs Zainab Ahmed, confirmed the development on Thursday in Abuja at the inauguration of the board of the Federal Inland Revenue Service.
The administrative procedures include the formal gazetting of the Finance Act by the Federal Ministry of Justice.
“Once a bill is signed into law, it takes effect immediately. But, it is to note that there are certain administrative procedures and formalities to be finalized before commencement,” she said.