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FIRS Warns Against Evasion As 7.5% VAT Begins - Business - Nairaland

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Tax Evasion: Customers Stranded As Kano Seals Five GT Bank Branches / Nigerians To Pay 5% VAT On Online, Internet Transactions January 2020 — FIRS / FIRS Arraigns Companies, 3 Others Over Tax Evasion And Assault On Staff (2) (3) (4)

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FIRS Warns Against Evasion As 7.5% VAT Begins by valentineuwakwe(m): 7:54am On Feb 01, 2020
As the implementation of the new 7.5 per cent Value Added Tax rate begins on Saturday (today ), the Federal Inland Revenue Service has warned businesses and individuals against tax evasion.
The Federal Government had said it would from today begin the implementation of the 7.5 per cent Value Added Tax.
The VAT increase which is meant to help government achieve its revenue projections for the 2020 budget is a part of the tax reforms included in the 2019 Finance Act .
With the Act , it is expected that there will be more revenue to finance key government projects especially in the areas of health, education and critical infrastructure.
Among the Finance Act strategic objectives is the supporting of micro , small and medium Enterprises in line with the ease of doing business reforms such as VAT threshold.
Speaking during a breakfast programme on the Nigerian Television Authority monitored by our correspondent , the Executive Chairman of the FIRS , Mohammed Nami, urged all businesses to ensure that they register with the FIRS for VAT purpose .
He said any business that failed to obey the tax law would face the wrath of the tax authorities.
He said, “ It’s your statutory responsibility whether you just registered today with Corporate Affairs Commission to come over to the Federal Inland Revenue to register as VAT agent. That is the first responsibility .

“The second responsibility is that you should keep good record of your transaction because if you don’t keep good records and eventually during the compliance process and monitoring process it is discovered that you have traded well above N25m , the taxes will be paid in arrears . ”
He said the VAT Act already exempts pharmaceuticals , educational items , and basic commodities.
Some of the basic food commodities according to Section 46, that were also excepted include brown and white bread; cereals including maize, rice, wheat , millet, barley and sorghum and fish of all kinds.
Others are flour and starch meals; fruits, nuts, pulses and vegetables of various kinds; roots such as yam, cocoyam, sweet and Irish potatoes; meat and poultry products including eggs ; milk ; salt and herbs of various kinds; and natural water and table water.
source: https://m.punchng.com/firs-warns-against-evasion-as-7-5-vat-begins-today

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by ThiagoKid(m): 7:58am On Feb 01, 2020
Las las VAT na scam

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by Goldencheese(m): 7:59am On Feb 01, 2020
OP, thanks for the info.

3 Likes 2 Shares

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by atmstyle: 8:01am On Feb 01, 2020
The clearest way to get people to pay more taxes is to show works. Government should double up on accountability, and transparency to multiply compliance.

More taxes must mean more development.

Nigerians want to see more affordable medicines for sick people. As it is, many Nigerians pray never to fall sick, because the extra money to pay before hospital can begin treatment isn't just there.

Source

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by dominique(f): 8:06am On Feb 01, 2020
So it has not even been officially added and prices of stuff have started going up. FG should also warn manufacturers and importers against overinflation of prices of their products but they don't care if the struggling citizens are being milked dry.

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by popsy2(m): 8:06am On Feb 01, 2020
Nawa o
Re: FIRS Warns Against Evasion As 7.5% VAT Begins by yanabasee(m): 8:19am On Feb 01, 2020
Too much taxation and nothing to show for......

18 Likes 3 Shares

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by yanabasee(m): 8:21am On Feb 01, 2020
dominique:
So it has not even been officially added and prices of stuff have started going up. FG should also warn manufacturers and importers against overinflation of prices of their products but they don't care if the struggling citizens are being milked dry.

What is stopping the FG from regulating prices of goods in Nigeria!?

5 Likes

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by helinues: 8:23am On Feb 01, 2020
Evasion Na bae now..

The one you guys have been collecting, of what impact does it make on ordinary Nigerians?

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by crownwealth: 8:39am On Feb 01, 2020
helinues:
Evasion Na bae now..

The one you guys have been collecting, of what impact does it make on ordinary Nigerians?


But St. Major General Buhari is so upright in his sainthood. He is not kworpt neither are his cabals according to the gospel from you his brainwashed supporters?

12 Likes 1 Share

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by Maxymilliano(m): 8:42am On Feb 01, 2020
They will soon tax the country into oblivion.

Look at how long it took the government to implement the minimum wage, yet any additional burdens on the masses in the name increment is always quick to implement.

I wish corona virus visit these mad and 1diotic set of people.

20 Likes 1 Share

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by helinues: 8:42am On Feb 01, 2020
crownwealth:



But St. Major General Buhari is so upright in his sainthood. He is not kworpt neither are his cabals according to the gospel from you his brainwashed supporters?

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by ninnie: 12:06am On Feb 02, 2020
We re just starting....how much is a bag of rice again?

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by Yankiss(m): 6:06am On Feb 02, 2020
Tightening the noose on the common man. Las las the VAT proceeds will be looted and nothing will happen.

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by NnamdiKanu(m): 6:06am On Feb 02, 2020
Me trying to explain situation in Zoo republic grin

12 Likes 1 Share

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by hisexcellency34: 6:08am On Feb 02, 2020
This government and desperation for money

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by odinga1of: 6:08am On Feb 02, 2020
Prices of commodities are already inflated.

What's the way forward Naija?


By the time VAT is fully implemented. Basket of Garri will be sold for 1,500naira

4 Likes

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by Saheed9: 6:12am On Feb 02, 2020
They paid minimum wage and also increased VAT. Who’s fooling who?

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by solmus: 6:13am On Feb 02, 2020
grin


People pay tax out of trust in Government and not because of any yeye threat.. who would be so dumb as an enterprenuer to remit the exact VAT as collected from customers, so that Hanah Buhari can waste it on Avaition fuel to use on Presidential Jet to snap pictures in Bauchi, National Assembly can renovate a small Assembly complex with whooping 37billion naira or $100 million USD

55% of Nigeria’s VAT is collected in Lagos State. 20% in FCT, 6% in Rivers, 5% in Kano, 1% in Kaduna. Buhari's State Katsina dont pay VAT but earn from VAT revenue, Mohammed Nami's State doesnt pay VAT yet he is the Head of the Agency collecting VAT

as a business man, i will source my own dollars from Habokkii that Northern government gives at discounted rate, i will personally negotiate my trade with China without help from Ministry of Trade and Investment, if the chinesse trader doesnt scam me of my money since Nigerian government has no escrow system, i'll use my money to ship and pay custom duty, after that i will now sell the goods at the shop i rented on my own and now be foolish enough to give Mohammed Nami and Buhari a whooping 7.5% of my sales after my hustle , wey me self never make 3% profit after tax

tax evassion might be a crime in Europe and America but in Nigeria its common sense, My Football legend Messi is a tax evader, My Political Legend Jagaban of Africa was accused of evading tax, Baba Ijebu the lotto Legend evades tax ,Donald Trump my hated US president was accused of hiding tax details and prolly evaded tax, who am i not to evade tax

.

45 Likes 9 Shares

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by imolile: 6:15am On Feb 02, 2020
Is this (Buhari administration) a government ? these fraudsters who imposed tax and do nothing, Citizens are suffering and life is becoming more unbearable, What major thing have the government done to you except looting all the proceeds from the masses.
The same tax He uses to travel for headache and his daughter used the Private aircraft to take pictures, or the one looted by Tinubi in his burdilon house in Ikoyi or Atiku from Custom and Jonathan and Dame for Air peace,
Nigerians can refuse to pay tax until and insist on accountability, I hear that abroad, people are even happy to pay because they see what is being done with it. Even the Toilet at the airport will tell you that Tax is a scam

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by Mikelarteta(m): 6:15am On Feb 02, 2020
How to milk the common man is all they care for. Security of life is never a worry to this Government. Money.. money.... and money is all they care about. Funny enough the rich doesn’t even pay taxes and they are the highest debtors.

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by solmus: 6:19am On Feb 02, 2020
odinga1of:

Prices of commodities are already inflated.

What's the way forward Naija?


By the time VAT is fully implemented. Basket of Garri will be sold for 1,500naira

Garri isnt withing the taxable comodity, infact most food items arent

2 Likes

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by anonimi: 6:19am On Feb 02, 2020
ThiagoKid:
Las las VAT na scam

The south pays and the north spends. That is the scam.
Welcome to the Fulani Republic of Naijeriya, FRN aided and abetted by long throat southerners like Kalu and Thiefnuibu.


[img]https://1.bp..com/-_spEZ7TwEzU/XRF8uDxWQJI/AAAAAAADR7I/gPwLfreuV1AGnnOpWLdknSIxhfvR5szUgCLcBGAs/s400/Fulani-Herdsmen-and-Militia-1.jpg[/img]



How I brought RUGA to Abia, by Orji Kalu


THE controversy trailing the aborted establishment of RUGA settlements for Fulani herders in parts of the country may be far from over.

Senate Chief Whip, Senator Orji Uzor Kalu, on Friday said that the apprehension being expressed over the plan by the Federal Government to create Fulani settlements for herders under the acronym name of RUGA was misplaced.

He told reporters in Abuja that he established a successful RUGA settlement in Abia State when he was governor of the state in 2001.

The controversial cattle market, he said, is located in Lokpanta, Umunneochi Local Government Area, along Enugu-Port Harcourt Expressway.

https://thenationonlineng.net/how-i-brought-ruga-to-abia-by-orji-kalu/

www.nairaland.com/attachments/9883206_9826875screenshot20190714at123023pmjpeg2871409bacae76b478957baf1fba81d9_jpeg097d8bad228a44c5faffb9edd2037362



Anikulhapo:
Kemi Adeosun, minister for finance, says more than half of Nigeria’s value added tax (VAT) comes from Lagos state alone.

Speaking at the parley between the federal government and progressive governors forum (PGF) in Abuja on Tuesday, Adeosun said the 87 percent of Nigeria’s VAT is derived from four states and the Federal Capital Territory (FCT).

In other words, only 13 percent of Nigeria’s VAT comes from 32 other states in the federation.

According to her no country in the world with high tax compliance rate is poor, and no rich country has a low tax compliance rate.

“There is no poor country that has a high tax compliance rate, and no rich country that has a low one,” Adeosun said.

Quoting current VAT collection data across Nigeria, the minister said “55% of Nigeria’s VAT is collected in Lagos State. 20% in FCT, 6% in Rivers, 5% in Kano, 1% in Kaduna”.

“I’m hoping that one day Finance Commissioners will stop needing to come to Abuja monthly to share FAAC, because IGR (internally generated revenue) will be sufficient.”


https://www.thecable.ng/adeosun-half-nigerias-vat-comes-lagos

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by SilasNwude: 6:19am On Feb 02, 2020
Buhari na ekwensu
use right hand give
use left hand collect


where are those jobless corpers rejoicing on alawee increment

oya see the scope grin

9 Likes

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by Rapmoney(m): 6:20am On Feb 02, 2020
Fake government!

Wuruwuru government!!

Magomago government!!!

Wayo wayo government!!!

419 government!!!

Yahoo yahoo government!!!

Ojuju calabar government!!!

4 Likes

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by Nobody: 6:21am On Feb 02, 2020
Tithe 10%, VAT 7.5%... This government no dey fear God. No money deposited in the bank remains the same. I dey hustle some idiots just dey draft out how they want to scatter my savings.

1 Like

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by anonimi: 6:22am On Feb 02, 2020
yanabasee:
Too much taxation and nothing to show for......

There is plenty of invisible infrastructure to show for it, according to Alhaji LIE Mohammed.



www.nairaland.com/attachments/6398775_fbimg1508963617334_jpeg94872504a733fb923709da609fd79d53

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Re: FIRS Warns Against Evasion As 7.5% VAT Begins by izzyboi(m): 6:25am On Feb 02, 2020
Taxation is like a chicken and egg problem

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by Mouthgag: 6:26am On Feb 02, 2020
Bastards

Yet fg hasn't fully implemented 30k minimum wage

1 Like

Re: FIRS Warns Against Evasion As 7.5% VAT Begins by MondayOsunbor(m): 6:26am On Feb 02, 2020
popsy2:
Nawa o


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