The Federal Internal Revenue Service (FIRS) updated the features for value added tax (VAT) filing and payment on the TaxPro-Max (TPM) online platform.
Significant changes include:
- Introduction of an input VAT credit mechanism, which requires suppliers to remit VAT collected from customers to the FIRS using a new sales schedule format for the customers to claim the allowable input VAT on such purchases.
- The new monthly sales schedule includes additional information, which should be uploaded to the TPM, such as customers tax identification numbers (TINs), description of items sold and status of the items for VAT purpose (i.e., VATable, zero-rated or exempt). ….
Source: KPMG
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