FIRS to impose VAT on online transactions, says Fowler

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Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler, addressing delegates at a high-level meeting on “International Cooperation to Combat Illicit Financial Flows and Strengthen Good Practices on Assets Return” convened by the United Nations General Assembly in New York

By Harrison Arubu

The Federal Inland Revenue Service (FIRS) says it will soon begin collection of Value Added Tax (VAT) on online transactions.

The Chairman of the agency, Mr Babatunde Fowler, made the disclosure in an interview with the News Agency of Nigeria (NAN) in New York on Saturday.

Fowler said: “soon, we will ask banks to impose VAT on online transactions for purchases of goods and services.

“Not that it is something new; it actually should be in existence.

“We will certainly follow up to make sure that every VAT that is due to be collected is collected.”

He explained that the move was part of measures by FIRS to meet its N8 trillion revenue target for 2019.

Fowler…



Source: News Agency of Nigeria