• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, July 6, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

FIRS Permits MTN, Airtel, Others To Deduct VAT On Supplies At Source

by Mark Itsibor
3 years ago
in News, Business
MTN nigeria
Share on WhatsAppShare on FacebookShare on XTelegram

MTN, Airtel, as well as money deposit banks in Nigeria have been appointed by the Federal Inland Revenue Service (FIRS) to deduct Value Added Tax (VAT) on all taxable supplies made to them at the point of payment, and remit to the service. The new development was contained in a public notice the FIRS issued on the 7th of November, signed by its chairman, Muhammad Nami, where it explained the role of the companies as well as the obligations of their suppliers with regards to the withholding of Value Added Tax.

Advertisement

“This Notice is given to all persons carrying on trade, profession or business of any kind, tax practitioners and the general public that, with effect from 1st January, 2023; in line with the provisions of Section 14(3) of the Value Added Tax Act Cap. V1 LFN 2004 (as amended), the following companies are appointed to withhold or collect VAT charged on all taxable supplies made to them: MTN; Airtel; and all money deposit banks—as defined by the CBN Guidelines,” the service said in a notice was published yesterday.

The companies are expected to remit the tax deducted on or before the 21st day of the month immediately following the month the tax was withheld, in the format prescribed by the service.

In the notice, FIRS explained that the options that were available to suppliers of these companies whose output tax is withheld.

“A supplier whose output tax is withheld, as provided in this notice, may deduct the input tax paid on the goods purchased or imported to make the taxable supply from the output tax collected on other taxable supplies.

RELATED

UAE Embassy Mum As Uncertainty Trails Visa Fee Hike

Nigerian Gov’t Grants Visa Overstayers Amnesty To Regularise Status

5 hours ago
Revocation: Kaduna Govt To Refund Buyers Of Queen Amina, Alhuda-huda College Houses 

Revocation: Kaduna Govt To Refund Buyers Of Queen Amina, Alhuda-huda College Houses 

5 hours ago

“And where the input tax paid to make the supply is not fully recovered from the output tax on other taxable supplies, the balance is refundable to the supplier; provided that a supplier who is entitled to a refund may utilise the amount refundable to offset future VAT liability or request for a cash pay-out,” the service said.

FIRS said it has instituted adequate measures to ensure prompt payment of refundable input tax under this arrangement, while also stating that input tax claims, which include refunds, are subject to the limitations imposed by Section 17(2)(a) of the VAT Act.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: MTN Nigeria
SendShareTweetShare
Previous Post

Do This Now! Make Your Marriage Stronger, Better, And Sweeter In 45 Days. It Is Free!!

Next Post

A Nation In Need Of Healing

Mark Itsibor

Mark Itsibor

Mark Itsibor is a journalist and communication specialist with 10 years of experience, He is currently Chief Correspondent at LEADERSHIP Media Group and writes on Finance, Economy, Politics, Crime, and Judiciary. He has a B.Sc in Political Science, Post Graduate Diploma in Journalism (Print), and B.A in Development Communication. His Twitter handle is @Itsibor_M

You May Like

UAE Embassy Mum As Uncertainty Trails Visa Fee Hike
News

Nigerian Gov’t Grants Visa Overstayers Amnesty To Regularise Status

2025/07/05
Revocation: Kaduna Govt To Refund Buyers Of Queen Amina, Alhuda-huda College Houses 
News

Revocation: Kaduna Govt To Refund Buyers Of Queen Amina, Alhuda-huda College Houses 

2025/07/05
Too High A Price To Pay For Patriotism
News

40 Ghanaian Victims Rescued As Police Bust Human Trafficking Syndicate In Ondo

2025/07/05
Group Congratulates Atiku on Appointment as Deputy Clerk to the National Assembly
News

NASS To Transmit Constitution Review Report To State Assemblies Before December

2025/07/05
Jigawa Local Gov’t Chairman Dies At 61
News

Jigawa Local Gov’t Chairman Dies At 61

2025/07/05
Sujimoto Pays ₦273m Salary Arrears, Eyes Construction Of Tallest Tower In Banana Island
Business

Sujimoto Pays ₦273m Salary Arrears, Eyes Construction Of Tallest Tower In Banana Island

2025/07/05
Leadership Conference advertisement

LATEST

Nigerian Gov’t Grants Visa Overstayers Amnesty To Regularise Status

Revocation: Kaduna Govt To Refund Buyers Of Queen Amina, Alhuda-huda College Houses 

40 Ghanaian Victims Rescued As Police Bust Human Trafficking Syndicate In Ondo

NASS To Transmit Constitution Review Report To State Assemblies Before December

Jigawa Local Gov’t Chairman Dies At 61

Club World Cup: 9-man PSG Defeat Bayern To Reach Semi-final

Sujimoto Pays ₦273m Salary Arrears, Eyes Construction Of Tallest Tower In Banana Island

Liverpool Stars Honour Diogo Jota, André Silva At Funeral In Portugal

Chelsea Complete £48.5m Signing Of Gittens From Dortmund

Forget 2027, Presidency Tells Coalition’s ADC

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.