The Federal Inland Revenue Service has scheduled to commence its new Value Added Tax regime for companies by September as the Federal Government doubles its search for revenues.
The FIRS said subject to the Finance Act 2023, VAT withheld or collected, VAT on items excluded from building, the new Tertiary Education Tax rate of 3 per cent and Investment Allowances and Convertible Currencies will become effective September 1, 2023.
Certain amended provisions of the Finance Act 2023 were enacted on 28th May, 2023 with the effective date of 1st May 2023.
However, the effective date was changed to 1st September 2023.
Some of the amended Sections are 14 (3) which deals on VAT Withheld or Collected.
The VAT Act was amended to the effect that persons appointed to withhold or collect VAT shall remit the VAT withheld or collected on or before the 14th day of the month following the month in which the VAT was withheld or collected, the FIRS said.
