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Telcos, banks to collect VAT on taxable supplies

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

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“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.

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Emediong Ekpe

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing.

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