FIRS Suspends Implementation of VAT Guidelines

FIRS Suspends Implementation of VAT Guidelines

The Federal Inland Revenue Service (FIRS) has actually revealed the post ponement of the application standards for the value-added tax streamlined compliance program on the supply of low-value items through digital ways by non-resident providers.

In a declaration, it stated the post ponement was to enable the Service to conclude the advancement of a smooth procedure for the reliable and effcient procedure of the collection and remittance of the tax.

The Service stated it will continue to engage with stakeholders to make sure smooth and reliable advancement and application of the Guidelines on items provided to Nigeria, through digital platforms, by non-resident providers in due course.

“The execution of the Guidelines on the supply of services and intangibles by non-residents started on 1st January 2022 and is not acected by this notification. All non-resident providers of services and intangibles ought to continue to comply with the arrangements of the Guidelines worrying the collection and remittance of the tax as and when due.

“The application of the Guidelines on Simplified Compliance Regime on Value Added Tax (VAT) for non-resident providers of items to Nigeria through digital platforms, set up to begin from 1st January 2024, has actually been held off”, it included.