The Federal Inland Income Service (FIRS) has said that it might embark on a nationwide Worth Added Tax (VAT) and Withholding Tax (WHT) compliance train from July, 2022.
This info is contained in a public discover asserting the compliance monitoring train, and signed by the FIRS Government Chairman, Muhammad Nami.
The train is approaching the heels of an earlier discover by the Service to start the enforcement and restoration of unremitted tax deductions owed the Federation by some States and Native Governments.
The VAT and Withholding Tax Compliance Monitoring train will contain groups of FIRS officers visiting chosen taxpayers and taxable individuals to overview their VAT and Withholding Tax data.
“The Federal Inland Income Service (FIRS) shall embark on a nationwide VAT and WHT compliance monitoring train with impact from July 1, 2022,” the discover reads.
Learn additionally: FIRS and its quest to vary Nigeria’s tax surroundings
“In consequence, groups of officers from the Service shall go to chosen taxpayers, taxable individuals (together with corporations, NGOs or MDAs) to overview their VAT and WHT data.”
Within the discover, Muhammad Nami additionally highlighted that the train will cowl 2016 to 2020 accounting years for taxable individuals whose data have been audited by the Service as much as 2015 accounting 12 months.
He nevertheless famous that for taxpayers whose data haven’t been audited by the Service as much as 2015, the train shall be prolonged to incorporate the prior years that haven’t been tax audited.
The Service additionally referred to as on all taxable individuals and tax brokers to instantly remit deductions of VAT and Withholding Tax they’ve made on its behalf.
“All taxable individuals or tax brokers who’ve made deductions of VAT or WHT on behalf of the Service are required to instantly remit all such deductions to the FIRS inside two weeks of this publication.”
The discover additionally said that those that can be visited through the monitoring train shall be notified and knowledgeable of the required paperwork for overview beforehand.