Finance Headline News

FIRS to commence tax compliance nationwide

The Federal Inland Revenue Service, FIRS is to embark on a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) compliance exercise.

Executive Chairman of the Agency, Muhammad Nami said the exercise will commence next month.

The enforcement became necessary to recover unremitted tax deductions by some States and Local Governments. 

The statement says, the exercise will cover 2016 to 2020 accounting years for taxable persons whose records have been audited by the Service up to 2015 accounting year.

The FIRS also calls on all taxable persons and tax agents to immediately remit deductions of VAT and Withholding Tax they have made on its behalf.  

Reporting by Annabel Nwachukwu; editing by Adeniyi Bakare