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Home Economy Finance

FIRS Appoints MTN, Airtel, Banks to Withhold VAT

by Justice Godfrey Okamgba
November 7, 2022
in Finance
0
UBA
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The Federal Inland Revenue Service (FIRS) has designated MTN, Airtel, and money deposit institutions in Nigeria to withhold Value Added Tax (VAT) levied on all taxable supplies made to them and remit to the Service.
 
This information is found in a public notice that the FIRS published on November 7 and was signed by Muhammad Nami, its Executive Chairman. The notice outlined the requirements of both businesses and their suppliers with regard to the withholding of value-added tax.
It further stated that the VAT Act’s Section 17(2)(a) restrictions apply to input tax claims, which include refunds, and that the Service has put in place sufficient safeguards to ensure rapid payment of refundable input tax under this arrangement.
 
“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.”
 
The FIRS noted that these companies were expected to remit the tax they would withhold on or before the 21st day of the month immediately following the month the tax was withheld, in the format prescribed by the Service.
 
“The companies shall remit the tax withheld or collected, in the currency of transaction, to the Service on or before the 21st day of the month immediately following the month the tax was withheld or collected;
 
“The tax withheld or collected under this notice shall be remitted in the format prescribed by the Service but separately from VAT due on the companies’ taxable supplies.”
 
The notice further explained the options that were available to suppliers of these companies whose output tax is withheld.
 
“A supplier whose output tax is withheld, as provided in this notice, may deduct the input tax paid on the goods purchased or imported to make the taxable supply from the output tax collected on other taxable supplies,
“And where the input tax paid to make the supply is not fully recovered from the output tax on other taxable supplies, the balance is refundable to the supplier; provided that a supplier who is entitled to a refund may utilise the amount refundable to offset future VAT liability or request for a cash pay-out,” the Notice explained.
 

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  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

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