Nigerians to start payment of VAT online transactions next year

The Federal Inland Revenue Service (FIRS) has announced that Nigerians will start the payment of value-added tax (VAT) on both domestic and international online transactions from January 2020.

FIRS executive chairman, Babatunde Fowler revealed this on Monday at the African Tax Administration Forum (ATAF) technical workshop in Abuja.

He however noted that the date to commence the VAT on online transactions would be subject to government’s approval.

“We have thrown it out to Nigerians. Effective from January 2020, we will ask banks to charge VAT on online transactions, both domestic and international.

“VAT remains the cash cow in most African countries, with an average VAT-to-total tax revenue rate of 31%. This is higher than the Organisation for Economic Cooperation and Development’s average of 20%.

“This statistics, therefore, is a validation of the need for us to streamline the administration of this tax with the full knowledge of its potential contributions to national budgets.

“It is, however, also bearing in mind the rights of our taxpayers,” Fowler said.

Comments

Post a Comment

Popular posts from this blog

Khloe Kardashian ex hubby revealed their failed marriage in a book tour interview

Image
Khloe Kardashian and Lamar Odom   Lots of ugly details about what really went wrong about Lamar Odom and Khloe Kardashian’s four-year marriage have come to light during Odom’s Darkness to Light book tour. Odom’s casual revelation that the story of Kardashian beating up a stripper she found with him in a hotel room was revealed in the interview. And the shocking hits keep on coming from Lamar Odom’s book tour promoting his new memoir, Darkness to Light. While discussing the book earlier this week on The Jenny McCarthy Show, Odom revealed Khloé Kardashian texted him talking about the time she beat up a stripper. Odom’s mention of the story, which is also featured in his book, is not only a jaw-dropper but a stark reminder that his marriage to Kardashian was probably more desperate than what people know.
Read more