FIRS Gives Taxpayers Two Weeks To Remit All VAT, Withholding Tax Deductions

…Begins Aggressive Tax Compliance Exercise On Monday

The Federal Inland Revenue Service on Tuesday issued a two-week ultimatum to all taxpayers to remit all Value Added Tax and Withholding Tax deductions made on behalf of the service.

The Executive Chairman of the FIRS, Dr Zacch Adedeji, said this in a notice sent to all taxpayers and seen by THE WHISTLER.

He said that the FIRS will from Monday next week begin a tax compliance exercise to all taxable persons or tax agents including Non-Governmental Organisations (NGOs), Ministries, Departments and Agencies (MDAs) of governments at the Federal, State and Local levels to ensure the payment of VAT and WHT deductions.

The FIRS Boss stated further that teams of officers from the Service will visit selected taxpayers, taxable persons (including companies, NGOs or MDAs) to review their VAT and WHT records.

He noted that the exercise will cover 2019 to 2022 accounting years for taxable persons whose records have been audited by the Service up to 2018 accounting year.

The notice reads, “Pursuant to Sections 2, 8, 26 and 29 of the Federal Inland Revenue Service (Establishment) Act 2007 (as amended), notice is hereby given to all taxable persons or tax agents including Non-Governmental Organisations (NGOs), Ministries, Departments and Agencies (MDAs) of governments at the Federal, State and Local levels that.

“The Federal Inland Revenue Service (FIRS) shall embark on a nationwide VAT and WHT Compliance monitoring exercise with effect from Monday, October
23, 2023.

“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.

“The exercise shall cover 2019 to 2022 accounting years for taxable persons whose records have been audited by the Service up to 2018 accounting year.

“However, for taxpayers whose records have not been audited by the Service up to 2018, 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.”

ENDS