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FIRS will Commence Online VAT Payments



Chairman of the FIRS, Mr Babatunde Fowler, revealed that FIRS (Federal Inland Revenue Service) will soon commence the collection of Value Added Tax (VAT) through online portal. He stated this when he was interviewed from reliable source.

Mr Fowler said: “soon, we will ask banks to impose VAT on online transactions for purchases of goods and services. Not that it is something new; it actually should be in existence. We will certainly follow up to make sure that every VAT that is due to be collected is collected.”

He explained that the move was part of measures by FIRS to meet its N8 trillion revenue target for 2019.

Mr Fowler further said that the agency had started taking action against companies and businesses that refused to embrace the Federal Government’s tax amnesty programme.

According to him, FIRS hopes to generate between N750 billion and N1 trillion from the clampdown, which includes closure of defaulters’ bank accounts.

“We are going after everybody. I am sure you have heard that we have placed lien on some accounts of defaulters that have a billion naira turnover annually. So certainly, we are not leaving anyone out of the tax net,” he said.

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