NATIONAL NEWS
FIRS to Embark on VAT, WHT Drive Exercise on Taxable Persons
The Federal Inland Revenue Service (FIRS) shall embark on a nationwide VAT and Withholding Tax, (WHT) Compliance monitoring exercise with effect from Monday, October 23, 2023.
The Federal Inland Revenue Service (FIRS) shall embark on a nationwide VAT and Withholding Tax, (WHT) Compliance monitoring exercise with effect from Monday, October 23, 2023.
In a statement signed by the Executive Chairman, Mr Zacch Adedeji, the team will be visiting selected taxable persons, taxpayers like companies, and NGOs to review their VAT and WHT records.
It further revealed that all taxable persons or tax agents who have made deductions of VAT or WHT on behalf of the Service are required to immediately remit all such deductions to the FIRS within two weeks of this publication.
It duly stated that the exercise shall cover 2019 to 2022 accounting years for taxable persons whose records have been audited by the service in 2018 while persons whose records have not been audited shall include the previous years.
It stated that all taxable persons who will be visited shall be notified by the FIRS and documents required for the exercise shall be listed.
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