VATupdate

More on the FIRS’ appointment of Telcos and banks to withhold VAT

On 7 November 2022, the Federal Inland Revenue Service (FIRS) issued a Public Notice (the “Notice”) requiring certain companies to withhold VAT on taxable supplies from their vendors and remit to the Service. This is in line with the recent amendment to the Value Added Tax Act (VAT) Act, which empowered the FIRS to appoint any person to withhold or collect VAT and pay the tax by the 21st of the following month.

Source PwC

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