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CITN backs FGs plan to charge VAT on online transactions

valid until: 19 Jul 2020date published: 19 Jul 2019

The Chartered Institute of Taxation of Nigeria says it is supporting the proposed plan by the Federal Government to introduce Value Added Tax on online transactions.

Read more: https://innerkonsult.com/citn-backs-fgs-plan-to-charge-vat-on-online-transactions/

Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com

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CITN backs FGs plan to charge VAT on online transactions

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The Federal Inland Revenue Service (FIRS) may, from next year, ask banks to charge customers five per cent Value Added Tax for online purchases when using bank cards, its Chairman, Tunde Fowler, has said. Mr Fowler, who gave the hint in an interview with newsmen in his office in Abuja, also said the federal government was yet to take a decision on whether to increase VAT or not.Read more: https://innerkonsult.com/nigeria-considers-new-5-tax-for-online-purchases/Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O8038460036, www.innerkonsult.com

date: 19 Aug 2019 - 19 Aug 2020

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Withholding tax is an advance payment of income tax – Companies Income Tax (CIT) and Personal Income Tax (PIT). Withholding tax is deducted at source when payments are made to companies or individuals. Tax withheld from payments to a company or an individual is a tax credit or withholding tax credit, which is used to reduce the tax liability of a company or an individual when the final tax liability is determined.read more: https://innerkonsult.com/mind-your-tax-affairs-withholding-tax-wht/Contact InnerKonsult for Professional Services on Tax, Accountancy and CAC Services. O803846003...

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