THE 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 proposed imposition on online transactions has grave implications for the economy and deserves reconsideration by the government.
Source: tribuneonlineng.com
