- The Nigerian government plans to hire more tax agents in five sectors to increase VAT coverage and collection.
- This is in line with the VAT Act and aims to reach projected earnings from VAT revenue.
- The sectors to be included are telecommunications, banks and financial institutions, construction companies, and the aviation industry.
- The government aims to collect an average of N35tn in 2024, N40tn in 2025, and N45tn in 2026.
- A new law will enable the Federal Inland Revenue Service to appoint agents to withhold, collect, and remit VAT.
Source: punchng.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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