The Federal Inland Revenue Service (FIRS) says it will begin to impose Value Added Tax (VAT) on online transactions, both domestic and international, from January 2020. The chairman of FIRS, Tunde Fowler, disclosed this at the African Tax Administration Forum (ATAF) Technical Workshop on VAT on Monday in Abuja. Mr Fowler said many countries had […]
FIRS sets date for start of online transaction VAT Read More »
The Federal Inland Revenue Service (FIRS) has said that it would start charging Value Added Tax on online transactions, both domestic and international, with effective from January 2020. The Executive Chairman of FIRS, Mr Tunde Fowler, disclosed this at the African Tax Administration Forum Technical Workshop on VAT on Monday in Abuja. Fowler said that
FIRS charges VAT on online transactions January 2020 —Fowler Read More »
The Federal Inland Revenue Service (FIRS) issued a Public Notice today, 14 August 2019, directing taxpayers, particularly companies in the Fast Moving Consumer Goods sector, to deduct and remit withholding tax and value added tax on the “compensation” due to their distributors, dealers and agents. The FIRS defines “compensation” to include commission, rebates, etc., granted
Okwudili Ijezie is the Managing Partner/CEO, Okwudili Ijezie &Co. In this interview with Kehinde Olatunji, he urged the Federal Government to drop the idea of increasing the VAT rate until the economy of the country is in good shape. He lamented that many businesses are merely struggling to remain afloat and the increase if effected,
‘Economy not in good shape to increase VAT rate’ Read More »
The Federal Government is considering an extension of the value added tax (VAT) exemption on capital market transactions, Vice President, Yemi Osinbajo, has said. Also, the VP said the government is already taking steps to resolve the controversy over the collection of stamp duties. The VP spoke at the Awards Night of the Association of
Nigerian govt considering VAT exemption extension — VP Read More »
Value added Tax (VAT) generated from Nigeria’s transport and Haulage service sector soared by 205 percent in Q2 2019m, according to figures released monday by the National bureau of Statistics (NBS). According to the report, the sector’s VAT rose to N7.43 billion from N2.43 billion recorded in the previous quarter. The sum of N311.94billion was
HE statement by Mr Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), that the service may, as from next year, ask banks to charge customers five per cent Value Added Tax (VAT) on online purchases leaves much to be desired. Though VAT is legal, being a product of the nation’s laws, its
Peter Nwaobi, a tax expert at KPMG, said the proposed 5% VAT on online purchase is not a double tax and there were no initial charges on purchases. Nwaobi explained that for every online transaction, there is always a 5% VAT on every item. “Before now, for every time you get online, the merchant already
Expert says 5% VAT on digital economy is not double taxation Read More »
Nigeria is planning to deduct 5% VAT for every online transaction via bank cards from next year. The burgeoning digital economy includes e-commerce where Jumia and Konga are playing. We also have the tech space with Flutterwave, Cowrywise, Piggybank, and others. Tunde Fowler, Chairman of Federal Inland Revenue Service (FIRS), confirmed this in an exclusive
In less than a week after the reinstatement of Value-Added Tax (VAT) collection on stock market transactions in Nigeria, reports have shown that investors could pay as much as N2.5 billion yearly in additional costs on trading. The five-year VAT exemption on stock exchange transactions expired on July 24, 2019. Thus, investors and dealing members
VAT payment takes it toll on stock market transactions in Nigeria Read More »
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