FIRS new VAT policy turns telcos to tax collectors. What it means

For taxable supplies made to them, Deposit Money Banks (DMBs), MTN and Airtel will withhold the 7.5 per cent Value Added Tax (VAT) on behalf of the Federal Inland Revenue Service (FIRS).

FIRS made it known in a document signed by its executive chairman, Muhammad Nami, on Monday. The commercial banks and telcos will become collectors starting from January 1, 2023.

Source: theparadise.ng

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