• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Sunday, September 24, 2023
  • Login
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Business Unlimited

FIRS Gives Approval To MTN, Airtel, Banks To Withhold VAT Charged To Them

Nwanne Ikemefune by Nwanne Ikemefune
November 7, 2022
in Business Unlimited
0 0
0
FIRS Commences Direct Collection Of Taxes From Online Gaming Operators
0
SHARES
18
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

MTN, Airtel, as well as money deposit banks in Nigeria have been appointed by the Federal Inland Revenue Service (FIRS) to withhold Value Added Tax (VAT) charged on all taxable supplies made to them, and remit to the Service.

This is contained in a public notice the FIRS issued on the 7th of November, by its Executive Chairman, Muhammad Nami, where it explained the role of the companies as well as the obligations of their suppliers with regards to the withholding of Value Added Tax.

“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.

It further noted that the Service has instituted adequate measures to ensure prompt payment of refundable input tax under this arrangement, while also stating that input tax claims, which include refunds, are subject to the limitations imposed by Section 17(2)(a) of the VAT Act.

Previous Post

Insurance, Pension Journalists Endorse New Name

Next Post

WEMA ALAT Tops As Overall Best Mobile App In Nigerian Fintech Awards

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

FIRS Boss Makes Case For  Hard Choices For Optimal Tax Revenue
Business Unlimited

FIRS Boss Makes Case For Hard Choices For Optimal Tax Revenue

August 7, 2023
FIRS: Nigeria’s Tax-To-GDP Ratio, 10.86% As At 2021
Business Unlimited

FIRS Rakes-in Record N5.5 Tr In Six Months

July 21, 2023
Multiple Taxation: FIRS Partners With Market Traders Association of Nigeria (MATAN) For VAT Remittance From Informal Sector
Business Unlimited

Multiple Taxation: FIRS Partners With Market Traders Association of Nigeria (MATAN) For VAT Remittance From Informal Sector

June 23, 2023
Next Post
WEMA ALAT Tops As Overall Best Mobile App In Nigerian Fintech Awards

WEMA ALAT Tops As Overall Best Mobile App In Nigerian Fintech Awards

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

September 23, 2023
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

June 7, 2023
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Seeks NSE’s Nod To Conduct  Rights Issue

AIICO Seeks NSE’s Nod To Conduct Rights Issue

0
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

0
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 22, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

September 13, 2023
ADVERTISEMENT

Recent News

NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 22, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

AIICO Upticks Service Excellence With Inaugural Annuitant Forum:

September 13, 2023
Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

Insurance: Nigeria Rides The Waves In IFRS 17 Implementation In Africa

September 13, 2023
London Company Market Premium Reaches £44bn In 2022

London Company Market Premium Reaches £44bn In 2022

September 12, 2023
NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

NLC, Pensioners Surround FG With Persisting Retirees Hiccups Want Integrated Improved Welfare

September 11, 2023
Smart Solutions, The Only Panacea For Insurance And Pension Upbeat, Stakeholders Insist

Smart Solutions, The Only Panacea For Insurance And Pension Upbeat, Stakeholders Insist

September 8, 2023
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 22, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In