The Federal Inland Revenue Service (FIRS) recently issued a Circular to guide the general public, tax practitioners and taxpayers on the Value Added Tax (VAT) withholding regime in accordance with the provisions of the VAT Act Cap VI LFN 2004 (as amended) to provide additional clarity on the operations of VAT in Nigeria and introduce new VAT filing procedures. The FIRS has also released a number of explanatory videos and facilitated stakeholder sessions to provide additional information on the changes introduced. The changes which were scheduled to be effected in April 2023 were met with several stakeholder complaints and challenges. Hence, the FIRS has provided responses to some of the concerns raised by stakeholders as a way to resolve the issues going forward.
Source: ng.andersen.com
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