Wednesday, February 1, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

FIRS To Commence VAT, WAT Compliance Exercise From July 1

by e-Naira Online News
June 10, 2022
in Business
Reading Time: 3 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


FIRS To Commence VAT, WAT Compliance Exercise From July 1

The Federal Inland Revenue Service (FIRS) said it will embark on a nationwide Value-Added Tax (VAT) and Withholding Tax (WHT) compliance monitoring exercise for all taxable Nigerians from July 1, 2022.

This was announced by the Executive Chairman, Muhammad on Thursday via FIRS’ offical Twitter handle.

Commencement of National VAT & WHT Compliance Monitoring Exercise

Notice to all taxable persons or tax agents including NGOs, MDA’s of govt’s at Fed., State & Local levels:

The FIRS shall embark on nationwide VAT & WHT Compliance monitoring exercise, from July 1, 2022:

⬇️⬇️ pic.twitter.com/y4Ta7E777P

— Federal Inland Revenue Service NG (@firsNigeria) June 9, 2022

Withholding Tax (WHT) is a method used to collect income tax in advance.

Nami said the exercise would make up for 2016 to 2020 accounting years.

The exercise would also be expanded to include preceding years for taxpayers whose records have not been audited by the service up to 2015.

He said teams of officers from the service would visit selected taxpayers, taxable persons including companies, NGOs or MDAS, to review their 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 statement reads.

“The exercise shall cover 2016 to 2020 accounting years for taxable persons whose records have been audited by the service up to 2015 accounting year. However, for taxpayers whose records have not been audited by the Service up to 2015, the exercise shall be extended to include the prior years that have not been tax audited.

“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.

“Taxable persons or tax agents who shall be visited for the VAT and WHT compliance monitoring exercise will be notified by the FIRS and the documents required for the exercise will be listed in the letter to selected entities. For more enquiries, contact: [email protected]”

Related





Source link

Tags: commenceComplianceexerciseFIRSJulyVATWAT
Previous Post

IGP orders tactical and intelligence commanders to combat crude oil theft

Next Post

Nigerians Trade N78bn Bitcoin In Q1, Despite CBN Restrictions

Related Posts

Business

Addax Petroleum terminates 24-year contract, NNPC takes over four oil blocs

by e-Naira Online News
January 31, 2023
Business

AFAWA Hits $1bn Investment Milestone in Lending to Women Entrepreneurs in Africa

by e-Naira Online News
January 31, 2023
Business

NNPC takes over Addax Petroleum’s PSC assets

by e-Naira Online News
January 31, 2023
Business

FG may spend N4.65 trillion to service CBN overdraft this year — Business — The Guardian Nigeria News – Nigeria and World News

by e-Naira Online News
January 31, 2023
Business

Guinness appoints non-executive director

by e-Naira Online News
January 30, 2023
Next Post

Nigerians Trade N78bn Bitcoin In Q1, Despite CBN Restrictions

African Development Bank To Launch Public Financial Management Academy To Build Capacity in African Countries

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

British American Tobacco earns alliance for Water Stew — Opinion — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Crypto Bank Custodia Denied Membership in US Federal Reserve System – Finance Bitcoin News

January 29, 2023

NGX CEO says to strengthen partnerships, digital transformation, sustainability

January 26, 2023

CAP full year PBT rises by 79% to N3.1bn

January 27, 2023

UNCTAD, Islamic Development Bank unite over sustainable investment — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Guinness grows half year gross profit by 16%

January 27, 2023

Nigeria, others to meet over development in oil sector | The Guardian Nigeria News

January 27, 2023

Vitafoam Plc advocates special FX window for manufacturing sector

January 28, 2023

Tinubu promises to create jobs in Cross River

January 31, 2023

Economy In Danger, Nigerians Suffering—Lagos Assembly

January 31, 2023

NBS says Nigeria’s public debt has risen to N44.06 trillion

January 31, 2023

Nigeria’s automotive industry records $1 billion investment in 2022 -FG

January 31, 2023

Nigerian Exchange closes positive as investors gain N44 billion

January 31, 2023

Addax Petroleum terminates 24-year contract, NNPC takes over four oil blocs

January 31, 2023

AFAWA Hits $1bn Investment Milestone in Lending to Women Entrepreneurs in Africa

January 31, 2023

Emefiele Says Banks Will Accept Old Naira Notes After Deadline

January 31, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.