FIRS Warns Against Evasion As 7.5% VAT Begins - Business - Nairaland
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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 2 Likes 3 Shares
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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 14 Likes |
| 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 65 Likes 3 Shares |
| 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. 21 Likes 2 Shares |
| 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: 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? 9 Likes |
| Re: FIRS Warns Against Evasion As 7.5% VAT Begins by crownwealth: 8:39am On Feb 01, 2020 |
helinues: 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: 1 Share
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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? 5 Likes 2 Shares |
| 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. 13 Likes 2 Shares |
| 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  12 Likes 1 Share
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| Re: FIRS Warns Against Evasion As 7.5% VAT Begins by hisexcellency34: 6:08am On Feb 02, 2020 |
This government and desperation for money 4 Likes |
| 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? 6 Likes 1 Share |
| Re: FIRS Warns Against Evasion As 7.5% VAT Begins by solmus: 6:13am On Feb 02, 2020 |
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 12 Likes 1 Share |
| 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. 5 Likes |
| Re: FIRS Warns Against Evasion As 7.5% VAT Begins by solmus: 6:19am On Feb 02, 2020 |
odinga1of: 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: 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 www.nairaland.com/attachments/9883206_9826875screenshot20190714at123023pmjpeg2871409bacae76b478957baf1fba81d9_jpeg097d8bad228a44c5faffb9edd2037362 Anikulhapo: 5 Likes 2 Shares |
| 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 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
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| Re: FIRS Warns Against Evasion As 7.5% VAT Begins by anonimi: 6:22am On Feb 02, 2020 |
yanabasee: There is plenty of invisible infrastructure to show for it, according to Alhaji LIE Mohammed. www.nairaland.com/attachments/6398775_fbimg1508963617334_jpeg94872504a733fb923709da609fd79d53 5 Likes 1 Share |
| 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
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| 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 |
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