Fidelity bank card banner Camano banner
FIRS to charge VAT on online transactions

By Idowu Bankole on 19/05/2019

Views: 267

•FIRS Chairman Fowler
•FIRS Chairman Fowler

The Federal Inland Revenue Service (FIRS) says it will soon begin collection of Value Added Tax (VAT) on online transactions.

The Chairman of the agency, Mr. Babatunde Fowler, made the disclosure in an interview with Journalists in New York, United States, on Saturday.

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.

Fowler said 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.

Officially known as the Voluntary Asset and Income Declaration Scheme, the tax amnesty programme was launched in 2017.

It gave tax defaulters a one-year period of grace to declare and settle their unpaid taxes.

There have been complaints by some taxpayers of being wrongly targeted by FIRS in the clampdown.

Asked to comment on that, Fowler admitted, blaming it on “administrative error,” arising from the huge number of accounts involved.

“Well, there is certainly one or two instances where we made administrative error, but when you are looking at over 50,000 accounts, there is a tendency that sometimes an error might be made.

“For those that we made errors on, I wrote them personally apologising, and of course, we lifted the lien on their accounts.”

On plans by the Joint Tax Board to raise the country’s tax population to 45 million, Fowler said the agency was relying on multiple information sources.

These, according to him, include the country’s Bank Verification Number database and sister agencies with relevant information. (Vanguard)

 

Source News Express

Posted 19/05/2019 05:31:42 AM

 

 

CLASSIFIED ADS

 

You may also like...
New U.S. Visa Lottery Program kicks off

NEMA sends team to flood-ravaged Benue

Family of Jonathan’s detained cousin demands release

ACUF trains youths on CV Writing and Interview...

PDP gets new BoT Chairman

High rate of tax evasion worries Abia Govt....

Agbaje pleads for release of journalist's abducted wife...

Transport owners end strike, reach truce with Bayelsa...

2019: Atiku best man for the job —...

We’ll complete all ongoing projects, NDDC assures

Obomkpa Blast: Mind your utterances, Uduaghan warns Delta...

Obanikoro accuses APC of plot to rig elections...

 

Latest News Boko Haram governs Borno communities, collects taxes – Arch Bishop Over 100 persons jostle for commissioners in Kano Four charged with murder over plane crash that claimed 298 lives Disquiet over Ijaw elections, threats of parallel EXCO Boko Haram fuel and drug suppliers nabbed in Adamawa Ogun: Tribunal suspends sitting over threat to lives of witnesses Man steals grandma’s underwear in Ekiti after being promised N2, 000 First Bank manager arraigned for allegedly stealing N52.6m Two 14-year-old boys found guilty of murdering schoolgirl Submit fake document, face wrath of law, NYSC boss warns Corps members Anti-party activities: Ex-Gov Yari rejects APC’s committee report 14 injured as lightning strikes military base

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (495,067 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,790 views) Shameless Genevieve Nnaji exposes breasts in public (365,661 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (312,250 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (276,519 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (244,184 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (234,217 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (216,108 views) 10 cars more expensive than Jets (213,244 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,662 views) Lagos plane crash: Journalist releases victims’ names (184,727 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (184,016 views)

 

NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (94) Business & Economy (4,316) Business Verdict (74) Columnists (1,052) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (624) Features (762) Global Business Monitor (379) ICT Monitor (53) International (3,606) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (305) News (47,524) Opinion (1,262) Pidgin (17) Politics (11,038) Religion (1,026) Sports (2,045) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera