The Federal Inland Revenue Service (FIRS) has recently issued a Public Notice to announce its plan to carry out a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) Compliance monitoring exercise. According to the Notice, this is pursuant to the provisions of Sections 2, 8, 26, and 29 of the Federal Inland Revenue Service (Establishment) Act 2007 (as amended).
This exercise is set to commence on Monday, October 23, 2023.
Key Points to Note:
1. Scope of the Exercise: Teams of officers from the FIRS will be visiting selected taxpayers, taxable persons (including companies, NGOs, or MDAs), and Non-Governmental Organizations (NGOs) to review their VAT and WHT records.
2. Coverage Period: The exercise will cover the accounting years from 2019 to 2022 for taxable persons whose records have been audited by the Service up to the 2018 accounting year. For taxpayers whose records have not been audited by the Service up to 2018, the exercise will be extended to include the prior years that have not been tax audited.
3. Deductions Remittance: All taxable persons or tax agents who have made deductions of VAT or WHT on behalf of the Service are required to immediately remit all such deductions to the FIRS within two weeks of this publication.
4. Notification for Visit: Taxable persons or tax agents who will be visited for the VAT and WHT compliance monitoring exercise will receive notifications from the FIRS. The documents required for the exercise will be listed in the notification letter sent to selected entities.
For any further inquiries or information related to this exercise, you can contact the FIRS at nationaltaxcompliance2023@firs.gov.ng.
A copy of the Public Notice can be viewed or downloaded here.
Should you require any assistance or have questions about how this may impact your business, please do not hesitate to get in touch with us by sending an email to clients@vi-m.com. Vi-M Professional Solutions is committed to assisting you in navigating these requirements and ensuring that you are well-prepared for this monitoring exercise.