written by Safiya Abdulrahim Dabban
The Federal Inland Revenue has emphasized on the importance of tax payment to Nigeria’s development.
Dr. Loveth Onanuga, Director in charge of Value Added Tax (VAT), Federal inland revenue (FIRS), said this during an interview with NTV Africa in Abuja.
Onanuga spoke on the importance of VAT, comparing it to the Nigerian economy, adding that tax is more of an import and output mechanism.
” There are certain people whom are exempt of these tax, stating that when ones goods are not up to 25million as the government has set a limit to those who are to pay these tax and those who are not.
“There are two ways of VAT, as there is a standard percentage and also a zero percent, the standard percentage are fallen under the likes of baby food especially as wholesalers are not charged and are not expected to charge the retailers while the zero percentage are those goods being charged.
“All providers of goods and services are VAT collectors and they in-turn pay to the government.
” VAT payers are also allowed to seek a refund if they are charged more than expected by feeling the refund form on or before 21st of every month,” Onanuga said.
She however encouraged Nigerians to be dedicated in paying their tax as at when due adding that this is beneficial to the country.
NTV Africa