Nami Urges Businesses To Register With FIRS For VAT Purposes
AMINA HUSSAINI, Abuja
The Executive Chairman of the Federal Inland Revenue Service, (FIRS) has urged business owners to ensure
that they register with the service, warning against tax evasion under the new regime of 7.5 per cent Value Added Tax, (VAT) which implementation begins February 1, 2020.
Nami while speaking during a breakfast program on the Nigerian Television Authority, NTA said the
VAT increase which is meant to help the government achieve its revenue projections for 2020
budget is part of the tax reforms included in the 2019 Finance Act.
VAT increase which is meant to help the government achieve its revenue projections for 2020
budget is part of the tax reforms included in the 2019 Finance Act.
The new act has targeted more revenue to finance key government projects especially in the areas of health,
education and critical infrastructure and that any business that failed to obey the tax law would
face the wrath of the tax authorities.
education and critical infrastructure and that any business that failed to obey the tax law would
face the wrath of the tax authorities.
Amidst the Finance Act strategic objectives is the support for micro, small and medium enterprises
in line with the ease of doing business reforms such as VAT inception.
“It’s your statutory responsibility whether you just registered today with Corporate Affairs
Commission (CAC) to come over to the Federal Inland Revenue to register as VAT agent. That is the first
responsibility.
“The second responsibility is that you should keep a good record of your transaction because if you
don’t keep good records and eventually during the compliance process and monitoring process it is
discovered that you have traded well above N25m, the taxes will be paid in arrears” he explained
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