Fakoyejo Olalekan
The Executive Chairman of Federal Inland Revenue Service (FIRS), Muhammad Nami, has given taxpayers and tax agents two weeks to remit their tax and funds received on behalf of the tax agency, as it’s set to ensure compliance.
Nami, on Thursday, via a statement issued on Twitter, said the Nigerian tax administrator will start compliance exercise on July 1, 2022, by approaching taxpayers to demand for their four years tax records, between 2016 to 2020.
The tax agency will focus on Value Added Tax (VAT) and Withholding Tax (WHT), according to the statement, “The Federal Inland Revenue Service (FIRS) shall embark on a nationwide VAT and WHT compliance monitoring exercise with effect from July 1, 2022.”
Join our WhatsApp ChannelFIRS also disclosed that it intend to probe the books of taxable persons whose financial records haven’t been audited up to 2015. The tax agency didn’t State if defaulters will be penalised for not remitting to FIRS.
“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.” The tax agency said.
It added 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.
“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].” the statement from the tax administrator reads.
