The Federal Inland Revenue Service has said that it will soon begin the collection of Value Added Tax on online transactions.
News Agency of NigeriaFowler said, “Soon, we will ask banks to impose VAT on online transactions for purchases of goods and services.“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.Officially known as the Voluntary Asset and Income Declaration Scheme, the tax amnesty programme was launched in 2017.DOWNLOAD THE PUNCH NEWS APP NOW ON
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