Connect with us

Business

FIRS gives tax agents, others two weeks grace to remit money received on its behalf

Published

on

The Federal Inland Revenue Service (FIRS) has issued a two weeks warning notice to taxable persons or tax agents that made Value Added Tax (VAT) and Withholding Tax deduction on behalf of the agency, to remit to the administrator.

In a statement released on Twitter, on Thursday, the tax administrator’s Executive Chairman, Muhammad Nami, said starting from July 1, FIRS will begin to visit taxpayers, and review their books to ensure compliance.

Taxpayers will be probed for their tax payments between 2016 to 2020, but will extend the accounting years to 2015 for those FIRS have never checked their books.

Read also: Femi Otedola offloads over 800m shares from First Bank, may be eyeing purchase of power plant

“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.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations