FIRS Commences Nationwide VAT and WHT Compliance Checks

     

 Federal Inland Revenue Service (FIRS) issued a public notice to inform taxpayers of its plan to commence a nationwide compliance check of VAT and WHT with effect from Monday 12 October 2015.

              The objectives of the exercise as stated in the notice are to;

• Educate the taxpayers on certain VAT and WHT issues;
• Improve voluntary compliance;
• Reduce tax arrears;
• Boost revenue collection;
• Identify tax evaders through third party transactions; and
• Gauge the level of taxpayers/FIRS relationship.

    Full-fledged audits will commence from 2 November 2015. Given the current pressure on government revenue and the drive to increase revenue generation from tax,there are expectations that  the trend of tax audits will continue and in fact become intensified over the coming months.

    The Federal Inland Revenue Service has also directed that tax payments can now be made without Tax Identification Number (TIN) using general TINs 16192267-0001 and 16192618-0001.