FIRS To Impose VAT On Online Transactions- Fowler

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The Federal Inland Revenue Service, FIRS, says it will soon begin collection of Value Added Tax (VAT) on online transactions for purchases of goods and services.

Chairman of the agency, Mr Babatunde Fowler, made the disclosure in an interview with the News Agency on Saturday.

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According to Fowler, the move was part of measures by FIRS to meet its N8 trillion revenue target for 2019.

His words: “Soon, we will ask banks to impose VAT on online transactions for purchases of goods and services.

“Not that it is something new; it actually should be in existence.

“We will certainly follow up to make sure that every VAT that is due to be collected is collected.”

“We are going after everybody. I am sure you have heard that we have placed lien on some accounts of defaulters that have a billion naira turnover annually.

“So certainly, we are not leaving anyone out of the tax net,” he said.

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On some taxpayers being wrongly targeted by FIRS in the clampdown, the FIRS boss said:

“Well, there is certainly one or two instances where we made administrative error, but when you are looking at over 50,000 accounts, there is a tendency that sometimes an error might be made.

“For those that we made errors on, I wrote them personally apologising and of course we lifted the lien on their accounts.”

NAN

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