News
FIRS To Commence Nationwide Monitoring On Tax Compliance
FIRS To Commence Nationwide Monitoring On Tax Compliance
Visits to include MDAs, NGOs, other corporate bodies…
The Federal Inland Revenue Service (FIRS) has stated that it would embark on a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) compliance exercise from July, 2022.
This information is contained in a public notice announcing the compliance monitoring exercise, and signed by the FIRS Executive Chairman, Muhammad Nami.
The exercise is coming on the heels of an earlier notice by the Service to commence the enforcement and recovery of unremitted tax deductions owed the Federation by some States and Local Governments.
The VAT and Withholding Tax Compliance Monitoring exercise will involve teams of FIRS officers visiting selected taxpayers and taxable persons to review their VAT and Withholding Tax records.
“The Federal Inland Revenue Service (FIRS) shall embark on a nationwide VAT and WHT compliance monitoring exercise with effect from July 1, 2022,” the notice reads.
“As a result, teams of officers from the Service shall visit selected taxpayers, taxable persons (including companies, NGOs or MDAs) to review their VAT and WHT records.”
In the notice, Mr. Muhammad Nami also highlighted that the exercise will cover 2016 to 2020 accounting years for taxable persons whose records have been audited by the Service up to 2015 accounting year.
He however noted that for taxpayers whose records have not been audited by the Service up to 2015, the exercise will be extended to include the prior years that have not been tax audited.
The Service also called on all taxable persons and tax agents to immediately remit deductions of VAT and Withholding Tax they have made on its behalf.
“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.”
The notice also stated that those who would be visited during the monitoring exercise will be notified and informed of the required documents for review beforehand.
Johannes Oluwatobi Wojuola
Special Assistant to the Executive Chairman, FIRS
(Media & Communication)
June 10, 2022
- News23 hours ago
Enemies Of Progress Behind Incessant Allegations Against GTBank — Stakeholders, Experts React
- News21 hours ago
Breaking: Alimosho LG Vice Chairman Gets Appointment Letter To Take Over Office
- Sports7 hours ago
Manchester City Accuses Premier League Of Misleading Other Clubs
- Politics8 hours ago
‘m not ready to apologize for working against Atiku – Wike
- Top Stories8 hours ago
Nigerains debate Atiku’s single term presidency proposal
- Entertainment7 hours ago
Tinubu Govt Speaks On Approving Private Airstrip For Bishop Oyedepo
- Sports7 hours ago
LaLiga: Yamal reveals what he told Flick after he was substituted against Alaves
- Entertainment7 hours ago
BBNaija S9: ‘I gave Kassia N55m from prize money’ – Kellyrae claims