Business Owner Will Soon Pay VAT On Every Single Online Exchange – FIRS Tells Nigerians. Federal Inland Revenue Service, FIRS has told Nigerians to prepare to begin paying for Value Added Tax, VAT on every single online exchange.
FIRS Chairman Mr Babatunde Fowler, in a meeting with NAN on Saturday in New York, said;
“before long, we will request that banks force VAT on online exchanges for buys of merchandise and ventures.
“Not that it is something new; it really ought to be in presence.
“We will positively catch up to ensure that each VAT that is expected to be gathered is gathered.”
This move by FIRS as indicated by him is to see that they meet the N8 trillion income focus for 2019.
“In the principal quarter (of 2019), what I will say is that in the non-oil segment, we produced 11 percent higher than what we created in 2018.
“Fundamentally, we have produced about N1.5 trillion,” Fowler told NAN on the sidelines of an abnormal state meeting on illegal monetary streams facilitated by the United Nations General Assembly.
He stated, “It is very practical as long as we have the collaboration of citizens notwithstanding sending of innovation.
“We have just begun the implementation of once again 50,000 records that have banking turnover of 100 billion or more that have not documented their profits.”