The Federal Inland Revenue Service (FIRS) on Friday said it would embark on compliance exercise from July, 2022 on Value Added Tax (VAT) and Withholding Tax (WHT).
The announcement is contained in a public notice signed by the FIRS Executive Chairman, Muhammad Nami.
According to the notice, the FIRS team will visit MDAs, NGOs and other corporate bodies.
Special Assistant to the chairman, FIRS on Media and Communication, Mr Johannes Wojuola, said the exercise was a follow up to an earlier notice to commence the recovery of unremitted taxes owed the Federation by state and local governments.
Wojuola said the exercise would involve teams of FIRS officers visiting selected taxpayers and taxable persons to review their VAT and WHT records.
“The exercise will cover 2016 to 2020 accounting years for taxable persons whose records have been audited by the service up to 2015 accounting year.
“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,” added Wojuola.
He explained that those who would be visited during the monitoring exercise would be notified and informed of the required documents for review beforehand.
“We, therefore, call on all taxable persons and tax agents to immediately remit deductions of VAT and Withholding Tax they have made, “ he said.
Credit : THE VANGUARD.
