FIRS to Automate VAT, WHT in September

The Federal Inland Revenue Service (FIRS) will implement the automated Value Added Tax (VAT) and Withholding Tax (WHT) deductions at source for the aviation industry in September.

The Acting Executive Chairman of FIRS, Mr. Kabir Mashi made this known yesterday in Abuja at a one-day sensitisation workshop for FIRS field officers, collection agents and banks.

The Pilot Scheme of the automation processes, which is expected to go live in the third quarter of 2013, according to a statement from the FIRS, would cover other sectors such as telecommunications, power, and financial institutions.

Mr. Mashi was represented by the Coordinating Director, Direct Report Group (DRG), Mr. Onyekachi Ihedioha. He listed the automation of the FIRS receipt processes, increase in the number of payment channels as well as the implementation of the Integrated Tax Administration System (ITAS) among steps taken by FIRS to ensure increase in tax revenue collection for the government.

He also disclosed that FIRS is collaborating with the commercial banks to make the Taxpayer Identification Number (TIN) mandatory for opening of an account and all transaction with the individuals and corporate bodies.