FIRS commences nationwide VAT, WHT compliance check

The Federal Inland Revenue Service (FIRS) has commenced a nationwide Value Added Tax (VAT) and Withholding Tax (WHT) compliance check.

The exercise which kicked off Monday October 12, 2015 is in consonance with the powers conferred on FIRS pursuant to section 2 of the FIRS Establishment Act 2007 and section 7 of the Value Added Tax Act 1993 (as amended). FIRS is the statutory body empowered to collect various taxes on behalf of the Federal Government of Nigeria and Nigerians.

“The tax officers will be in groups of at least three (3) officers and will be identified with their FIRS identity cards conspicuously displayed on their persons. Taxpayers are enjoined to cooperate with officers in carrying out this very important national assignment as a full-fledged audit exercise will commence from November 2, 2015,” FIRS stated.

FIRS says the objectives of the ongoing exercise are to: Educate the taxpayers on certain VAT and WHT issues; improve voluntary compliance; reduce tax arrears; boost revenue collection; identify tax evaders through third party transactions; gauge the level of taxpayers/FIRS relationship.