The Federal Inland Revenue Service (FIRS) has updated the TaxPro-Max platform for value added tax (VAT) filing and payment. The changes include a new input VAT credit mechanism, requiring suppliers to remit VAT collected from customers to the FIRS using a new sales schedule format. The monthly sales schedule includes additional information such as customers’ tax identification numbers and item descriptions. Failure to provide a customer’s TIN may result in the customer being unable to claim input VAT. The sales adjustment process has also been modified, requiring taxpayers to provide item identification numbers for adjustments. The updates aim to improve tax compliance processes and increase tax collections, but may also create unintended issues that need to be promptly addressed by the FIRS.
Source Mondaq
