- Nigerians have been told by the Federal Inland Revenue Service, FIRS, to get ready to start paying for Value Added Tax, VAT on all online transactions.
FIRS Chairman Mr Babatunde Fowler, in an interview with NAN on Saturday in New York, 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.”
This move by FIRS according to him is to see that they meet the N8 trillion revenue target for 2019.
“In the first quarter (of 2019), what I will say is that in the non-oil sector, we generated 11 per cent higher than what we generated in 2018.
“Basically, we have generated about N1.5 trillion,” Fowler told NAN on the sidelines of a high-level meeting on illicit financial flows hosted by the United Nations General Assembly.
He said, “It is quite realistic as long as we have the cooperation of taxpayers in addition to deployment of technology.
“We have already started the enforcement of over 50,000 accounts that have banking turnover of 100 billion and above that have not filed their returns.”