The Nigerian Finance Act, 2021 grants the Federal Inland Revenue Service (“FIRS“) new powers to appoint persons as Value Added Tax (“VAT“) agents for the purpose of collecting and remitting VAT to the FIRS. In furtherance of this, the FIRS recently issued a public notice (“Notice“), appointing Telecommunications service providers- MTN and Airtel; and money deposit banks, as VAT agents and mandates them to collect/withhold VAT on taxable supplies made to them.
Source Mondaq
Latest Posts in "Nigeria"
- Nigeria to Enforce VAT on Non-Resident Digital Services from 2026
- Nigeria Extends E-Invoicing Compliance Deadline for Large Taxpayers to November 2025
- FIRS Launches E-Invoicing Platform to Enhance Tax Compliance and Transparency in Nigeria
- Nigeria Customs Service Transitions from Fast Track Scheme to Authorised Economic Operator Program
- Nigeria Extends E-Invoicing Deadline for Large Businesses to November 2025
