The Federal Inland Revenue Service (FIRS) says it will embark on a nationwide value-added tax (VAT) and withholding tax (WHT) compliance monitoring exercise for all taxable persons from July 1.

Muhammad Nami, executive chairman, FIRS, said this on Thursday in a circular published on its Twitter page.

Withholding Tax (WHT) is a method used to collect income tax in advance.

Nami said the exercise would make up for 2016 to 2020 accounting years.

However, he said the exercise would also be expanded to include preceding years for taxpayers whose records have not been audited by the service up to 2015.

He said teams of officers from the service would visit selected taxpayers, taxable persons including companies, NGOs or MDAS, to review their records.

“The Federal Inland Revenue Service (FIRS) shall embark on a nationwide VAT and WHT compliance monitoring exercise with effect from July 1, 2022,” the statement reads.

“The exercise shall cover 2016 to 2020 accounting years for taxable persons whose records have been audited by the service up to 2015 accounting year. However, for taxpayers whose records have not been audited by the Service up to 2015, the exercise shall be extended to include the prior years that have not been tax audited.

“All taxable persons or tax agents who have made deductions of VAT or WHT on behalf of the service are required to immediately remit all such deductions to the FIRS within two weeks of this publication.

“Taxable persons or tax agents who shall be visited for the VAT and WHT compliance monitoring exercise will be notified by the FIRS and the documents required for the exercise will be listed in the letter to selected entities. For more enquiries, contact: nationaltaxcompliance2021@firs.gov.ng.”

The book with the title, 'The Employment Law Handbook' By Jamiu Akolade The book features amongst other things; over 300 pages of employment law knowledge and resources, over 60 legal opinions, together with over 150 Judicial authorities on frequently asked questions on labour and employment law. The book goes for fifteen thousand Naira (N 15,000) only. Call any of the numbers below to place your order 08052508679 and 08106743227; or visit, Theemploymentlawhandbook.com.

[Now On Sale] Book On “International Arbitration & ADR And The Rule Of Law”

Price: ₦15,000 or £20 per copy [Hard Back– 20 chaps/715 pages] Contact Information Email: info@idrinstitute.cominfo@adrinafrica.org WhatsApp only: 0803-703-5989 Voice Call – Mobile: 0817-630-8030,+234-805-2128-456, +234-909-9651-401 Landline: 09-2913581, +234-9-2913499, +234-9-2919209 Office Address: 50 Julius Nyerere Crescent, [Next To The World Bank], Asokoro, Abuja – Nigeria. Bank Account DetailsBank Name: UBA Plc.; Account Name: International Dispute Resolution Institute; Account Number: 1014072579