The Federal Inland Revenue Service has appointed MTN, Airtel, and deposit money institutions in Nigeria to withhold or collect value added tax on all taxable shipments made to them and submit it to the agency.
This was stated in a public notice issued by the FIRS on November 1 and signed by its Executive Chairman, Muhammad Nami, which explains the roles and responsibilities of firms and their suppliers in relation to the withholding of VAT.Information Guide Nigeria
👉 Relocate to Canada Today!Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada
Other Top Stories:
- Marketers say tough times as petrol hits N200/litre
- Gbajabiamila lists reasons FG won’t pay ASUU fully
- Gunmen kill vigilante head in Ogun
- Ondo father detained for burning stepchildren during quarrel
“This Notice is given to all persons carrying on trade, profession or business of any kind, tax practitioners and the general public that, with effect from 1st January, 2023; in line with the provisions of Section 14(3) of the Value Added Tax Act Cap. V1 LFN 2004 (as amended), the following companies are appointed to withhold or collect VAT charged on all taxable supplies made to them: MTN; Airtel; and all money deposit banks—as defined by the CBN Guidelines,” the agency said in a statement released by the Special Assistant to the Executive Chairman on Media and Communications, Oluwatobi Wojuola, on Monday.
“The tax withheld or collected under this notice shall be remitted in the format prescribed by the Service but separately from VAT due on the companies’ taxable supplies.”JAMB Result
The notice further explained the options that were available to suppliers of these companies whose output tax would be withheld.
“A supplier whose output tax is withheld, as provided in this notice, may deduct the input tax paid on the goods purchased or imported to make the taxable supply from the output tax collected on other taxable supplies.”
👉 Relocate to Canada Today!
Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada
Information is Power!
Don’t miss any valuable information or opportunity that can change your life, business, and family positively and permanently.
👍Advertise your business on InfoGuideNigeria.com!
From just N9,999 per month, you can advertise your products and services to over 1,500,000 monthly users on our website. Click here to read more.
Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).
We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us for immediate removal.
🤑 Start Making Money from home today!