Telcos, banks to collect VAT on taxable supplies

Telcos, banks to collect VAT on taxable supplies

The Federal Inland Revenue Service has appointed MTN, Airtel, and deposit money institutions in Nigeria to withhold or collect value added tax on all taxable shipments made to them and submit it to the agency. This was stated in a public notice issued by the FIRS on November 1 and signed by its Executive Chairman, … Read more

Nigeria Value-Added Tax (VAT) Ruling, Economic Impacts, Challenges and Prospects

Nigeria Value-Added Tax (VAT) Ruling, Economic Impacts, Challenges and Prospects

Value-added tax (VAT), as the name implies, is a type of consumption tax that is levied on products and services. It is called value-added tax because it is levied at any point where value is added to a product or service from start to finish. It is levied at a percentage of the cost of … Read more