The Federal Inland Revenue Service has said that it will soon begin the collection of Value Added Tax on online transactions.
The Chairman of the agency, Mr Babatunde Fowler, made the disclosure in an interview with the News Agency of Nigeria in New York 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.
(NAN)
In a video making waves on social media platforms, Nigerians have reacted with mixed feelings…
A popular Nigerian TikToker identified simply as Seaking has been arrested by operatives of the…
Throughout history, some individuals have endured extraordinarily long prison sentences, with their stories reflecting the…
There is growing tension in Modakeke, Osun State, following the alleged arrest of two lovers,…
A victim of the stampede that occurred in Ibadan, Oyo State capital, which has claimed…
The vibrant Osun State is no stranger to captivating events and headlines that draw attention…
This website uses cookies.