The Nigerian Finance Act, 2021 grants the Federal Inland Revenue Service (“FIRS“) new powers to appoint persons as Value Added Tax (“VAT“) agents for the purpose of collecting and remitting VAT to the FIRS. In furtherance of this, the FIRS recently issued a public notice (“Notice“), appointing Telecommunications service providers- MTN and Airtel; and money deposit banks, as VAT agents and mandates them to collect/withhold VAT on taxable supplies made to them.
Source Mondaq
Latest Posts in "Nigeria"
- Nigeria VAT Compliance: Navigating TaxPro Max for Digital and Non-Resident Suppliers
- Why Nigeria’s Most Vibrant States Receive Less VAT Revenue Than They Generate
- Nigeria Mandates E-Invoicing for SMEs, Sets Timeline for Full Digital Tax Compliance
- Nigeria Sets E-Invoicing Compliance Deadlines: Phased Rollout Begins April 2026 for Large Taxpayers
- NCAA Orders Overland Airways to Refund Passengers Wrongly Charged VAT Before January 2026
