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...

Scrabble Stars Battle for N10m at Gov. Diri Championship

By Amgbare Ekaunkumo, Yenagoa Top Scrabble players from across Nigeria...

Northern CAN Leaders Visit Benue, Reject ‘Herders-Farmers Clash’ Narrative

...Pledge sustained advocacy...“Your presence is Christ sitting with us”...

Expect More Development — Gov. Aliyu Assures Sokoto Residents

By Muhammad Ibrahim, Sokoto Governor Ahmed Aliyu of Sokoto State...

We Have Brought Inclusive Development to Plateau — Governor Mutfwang

By Israel Adamu, Jos The people of Plateau State made...

NYSC Is the Thread Binding Nigeria’s Diversity” — Gov. Diri

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

What’s the Best Age for a Man to Get Married? Here’s What We Found

Marriage is one of the most significant milestones in...

Nurses Suspend Nationwide Strike – Health Minister Confirms

The National Association of Nigerian Nurses and Midwives has...
spot_img

Related Articles

Popular Categories

spot_imgspot_img