FIRS directs MNOs, banks to collect VAT on all taxable supplies

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Posted By Udokabestluv On November 8th, 2022

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The Federal Inland Revenue Service, FIRS, has directed Mobile Network Operators (MNOs) and Money Deposit Banks in Nigeria to collect Value Added Tax, VAT, on all taxable supplies to boost the government’s tax portfolio.

DAILY POST learnt this on Monday in a statement released by the Special Assistant(Media and Communication) to the Executive Chairman, FIRS, Johannes Oluwatobi Wojuola.

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The implication is that all taxable supplies made to companies such as MTN, Airtel, and all commercial Banks in Nigeria will be charged VAT.

The directive will take effect from January 1, 2023.

Referencing a public notice issued on 7th November, signed by its Executive Chairman, Muhammad Nami, the Service explained the role of the companies as well as the obligations of their suppliers with regards to the withholding of Value Added Tax.

FIRS said, “The following companies are appointed to withhold or collect VAT charged on all taxable supplies made to them: MTN; Airtel; and all money deposit banks—as defined by the CBN Guidelines.”

It added that, the companies shall thereafter remit the collected VAT to the service on or before 21st day of the month preceding the month the tax was withheld.

 

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