The Federal Inland Revenue Service (FIRS) would embark on a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) compliance monitoring exercise from next month.<\/p>\n
The FIRS Executive Chairman, Muhammad Nami disclosed this in a notice he personally signed announcing the Service\u2019s preparedness to begin the compliance monitoring exercise, which 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.<\/p>\n
He said, 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.<\/p>\n
According to Mr Nami, \u201cThe Federal Inland Revenue Service (FIRS) shall embark on a nationwide VAT and WHT compliance monitoring exercise with effect from July 1, 2022.<\/p>\n
\u201cAs 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.\u201d<\/p>\n
In the notice, Mr Nami also highlighted that the exercise will cover the period from 2016 to 2020 accounting years for taxable persons whose records have been audited by the Service up to the 2015 accounting year.<\/p>\n
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.<\/p>\n
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.<\/p>\n
\u201cAll 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,\u201d he added.<\/p>\n
Mr Nami also stated that those who would be visited during the monitoring exercise will be notified and informed of the required documents for review beforehand.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Federal Inland Revenue Service (FIRS) would embark on a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) compliance monitoring exercise from next month. The FIRS Executive Chairman, Muhammad Nami disclosed this in a notice he personally signed announcing the Service\u2019s preparedness to begin the compliance monitoring exercise, which is coming on the heels […]<\/p>\n","protected":false},"author":13,"featured_media":55922,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[39700,1180,39699,12856],"class_list":["post-195153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-federal-inland-revenue-service","tag-firs","tag-nationwide-tax-compliance-monitoring","tag-tax"],"yoast_head":"\n