//FIRS to begin to impose value added tax on online transactions

FIRS to begin to impose value added tax on online transactions

The Federal Inland Revenue Service (FIRS) says it will begin to impose Value Added Tax (VAT) on online transactions, both domestic and international, with effect from January 2020.

The executive chairman of FIRS, Mr Tunde Fowler, disclosed this today at the African tax administration forum technical workshop on vat in Abuja.

Fowler said that a lot of countries in the world had identified Nigeria as a good market and many of them were into online businesses, adding that there was the need to tap the potentials to generate more revenue for the country.

He, however, said that the date of commencement of the VAT on online transactions would be subject to government’s approval.

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