Type: Regulation
The Federal Inland Revenue Service (FIRS) issued a Public Notice informing the general public of its automated Value Added Tax (VAT) Collection System for branded shops, super stores, general supermarkets, standard restaurants and eateries nationwide. The Public Notice states that this will enable efficient and seamless collection and remittance of VAT on all vatable transactions in the wholesale/retail sector, as well as enables direct audit/reconciliation of all VAT transactions to ensure compliance with relevant tax laws. The automated VAT Platform VATrac becomes the approved channel for all VAT returns filing and payment processing, hence compliance and timely connectivity with the FIRS automated VAT platform is mandatory.
Effective date: April 1, 2020
