THE statement by Mr Babatunde Fowler, executive chairman of the Federal Inland Revenue Service (FIRS), that the service may, as from next year, ask banks to charge customers five per cent Value Added Tax (VAT) on online purchases leaves much to be desired. Though VAT is legal, being a product of the nation’s laws, its proposed imposition on online transactions has grave implications for the economy and deserves reconsideration by the government.
Source: tribuneonlineng.com
Latest Posts in "Nigeria"
- Nigeria Mandates E-Invoicing for SMEs, Sets Timeline for Full Digital Tax Compliance
- Nigeria Sets E-Invoicing Compliance Deadlines: Phased Rollout Begins April 2026 for Large Taxpayers
- NCAA Orders Overland Airways to Refund Passengers Wrongly Charged VAT Before January 2026
- Nigeria Sets E-Invoicing Rollout Dates for Medium and Emerging Taxpayers Through 2028
- Nigeria Expands E-Invoicing System to Medium and Emerging Taxpayers with Phased Rollout Timelines
