FIRS appoints MTN, Airtel, banks to collect VAT
The Federal Inland Revenue Service, FIRS, has appointed telecommunications firms, including MTN and Airtel, as well as Money Deposit Banks, MDBs, withhold Value Added Tax, VAT, charged on taxable supplies made to them and remit same to the tax agency This is contained in a Public Notice the FIRS issued by the Executive Chairman, Mr. Muhammad Nami, according to a statement by Mr. Johannes Wojuola, Special Assistant to the Chairman on Media & Communication, in Abuja, yesday. Nami was quoted as saying: “This Notice is given to all persons carrying on trade, profession or business of any kind, tax practitioners and the general public that, with effect from 1st January, 2023; in line with the provisions of Section 14(3) of the Value Added Tax Act Cap. V1 LFN 2004 (as amended), the following companies are appointed to withhold or collect VAT charged on all taxable supplies made to them: MTN; Airtel; and all money deposit banks—as defined by the CBN Guidelines.” ...