x

VAT: We are confused over remittance, says Private sector

The Organised Private Sector of Nigeria has said fulfilling of tax obligations, especially remitting Value Added Tax, has become confusing as businesses did not know the actual authority to relate with.

A statement from the association disclosed that OPSN chairman, Mr Taiwo Adeniyi, said this while addressing a forum on Friday.

The Organised Private Sector of Nigeria comprises of Manufacturers Association of Nigeria, Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, Nigeria Employers Consultative Association, Nigeria Association of Small Scale Industries and Nigeria Association of Small and Medium Enterprises.

Some state governments and the Federal Inland Revenue Services are currently slugging it out in court over who should VAT in their states.

Adeniyi said, “It is important to also note that at a time when businesses are clamouring for streamlining and reduction of tax burdens, the ongoing challenge has the potential to make businesses pay double VAT because of the demands of the FIRS and state governments for remittance of VAT.

“More so, as the deadline for remittance of VAT collection falls due on 21st of every month. Businesses as the collecting agents are practically unclear on authority to remit to and without a clear path, this would further aggravate the pain on businesses.”

He added that the Federal Inland Revenue Services and states should not throw businesses under the bus.

“We appreciate the Lagos and Rivers state governments for the platform created to engage organised businesses in the course of this controversy.

“We appeal that the FIRS and the states should also engage, in the interest of enterprise competitiveness and national development.”

Adeniyi said that adding the current issue to accumulated issues facing Nigerian businesses would make survival of enterprises even tougher.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Kaduna health ministry partners CSOs, others for improved maternal, child health 

By Achadu Gabriel, Kaduna  Kaduna State Ministry of Health in...

GSM Market Inferno: Governor Yusuf Injects Over N2 Billion Into Market

By Jabiru Hassan, Kano. Kano State Governor, Abba Kabir Yusuf,...

Hon. Usman Gorau Distributes Vehicles and Motorcycles to Youths in Sokoto

By Muhammad Ibrahim, Sokoto  In a bid to empower youths...

SGF Meets Tor Tiv, Och’Idoma, Elders for Lasting Peace in Benue

Wilfred Francis The Secretary to the Government of the Federation...

Gov Ododo Lauds Ekinrin-Adde Community Over Infrastructure fund Raising

By Noah Ocheni, Lokoja The Kogi State Governor, Alhaji Ahmed...

Gov. During approves automatic employment for UAT first class graduates

Amgbare Ekaunkumo, Yenagoa  Bayelsa State Governor, Senator Douye Diri, has...

Gov Sani condemns killing of 12 Kaduna citizens in plateau LG, demands justice 

By Achadu Gabriel, Kaduna  Governor Uba Sani of Kaduna State...

APC plans takeover of Rivers, Bayelsa as Tinubu backs Gov Eno

By Ogenyi Ogenyi, Uyo .. The All Progressive Congress, APC,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img