The Federal Inland Revenue Service (“FIRS”) has automated its Value Added Tax (“VAT”) filing and collection system. In a public notice recently issued by the FIRS informing taxpayers of the automation, the FIRS stated that the automated VAT collection system is to ensure the efficient and seamless remittance of VAT on all VAT-able transactions in the wholesale/retail sector, and enable direct audit/reconciliation of all VAT transaction.
Source: uubo.org
