The Federal Inland Revenue Service (FIRS) issued a notice appointing two particular telecommunications companies and all money deposit banks (as defined by the Central Bank of Nigeria (CBN) guidelines) as value added tax (VAT) collection agents.
The appointed VAT agents will be responsible effective 1 January 2023 for withholding VAT at source on all taxable supplies made by their vendors and remitting those amounts to the FIRS in the currency of transaction.
Source: KPMG
