{"id":34166,"date":"2019-08-26T15:40:20","date_gmt":"2019-08-26T14:40:20","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=34166"},"modified":"2019-08-26T15:40:20","modified_gmt":"2019-08-26T14:40:20","slug":"firs-charges-vat-on-online-transactions-january-2020-fowler","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/","title":{"rendered":"FIRS Charges VAT On Online Transactions January 2020 \u2014Fowler"},"content":{"rendered":"<p>The Federal Inland Revenue Service (FIRS) has said that it would start charging Value Added Tax on online transactions, both domestic and international, with effective from January 2020.<\/p>\n<p>The Executive Chairman of FIRS, Mr Tunde Fowler, disclosed this at the African Tax Administration Forum Technical Workshop on VAT on Monday in Abuja.<\/p>\n<p>Fowler said that a lot of countries in the world had identified Nigeria as a good market and many of them were into online businesses, adding that there was the need to tap the potentials to generate more revenue for the country.<\/p>\n<p>He, however, said that that the date of commencement of the VAT on online transactions would be subject to government\u2019s approval.<\/p>\n<p>\u201cWe have thrown it out to Nigerians. Effective from January 2020, we will ask banks to charge VAT on online transactions, both domestic and international.<\/p>\n<p>\u201cVAT remains the cash cow in most African countries, with an average VAT-to-total tax revenue rate of 31 per cent. This is higher than the Organisation for Economic Cooperation and Development\u2019s average of 20 per cent.<\/p>\n<p>\u201cThis statistics, therefore, is a validation of the need for us to streamline the administration of this tax with the full knowledge of its potential contributions to national budgets.<\/p>\n<p>\u201cIt is, however, also bearing in mind the rights of our taxpayers,\u201d he said.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>According to him, in Nigeria, for example, VAT is critical to the development of projects at all levels of government.<\/p>\n<p>\u201cVAT revenue is shared 15 per cent to the Federal Government, 50 per cent to state governments and 35 per cent to local governments.<\/p>\n<p>\u201cFIRS wrote to all commercial banks in May 2018, requesting for a list of companies, partnerships and enterprises with a banking turnover of N1 billion and above.<\/p>\n<p>\u201cThis activity is aimed at ascertaining those companies that are compliant with the tax laws and those that are not,\u201d he said.<\/p>\n<p>Fowler, who is also the chairman of ATAF, said that the African tax outlook gave some starting points on the questions to ask regarding some aspects of VAT.<\/p>\n<div class=\"code-block code-block-3\"><\/div>\n<p><em>(NAN)<\/em><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Federal Inland Revenue Service (FIRS) has said that it would start charging Value Added Tax on online transactions, both domestic and international, with effective from January 2020. The Executive Chairman of FIRS, Mr Tunde Fowler, disclosed this at the African Tax Administration Forum Technical Workshop on VAT on Monday in Abuja. Fowler said that &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":26636,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[608,6051,6052,699],"coauthors":[2391],"class_list":["post-34166","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-firs","tag-mr-tunde-fowler","tag-online-transactions","tag-vat"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>FIRS Charges VAT On Online Transactions January 2020 \u2014Fowler - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FIRS Charges VAT On Online Transactions January 2020 \u2014Fowler - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Federal Inland Revenue Service (FIRS) has said that it would start charging Value Added Tax on online transactions, both domestic and international, with effective from January 2020. The Executive Chairman of FIRS, Mr Tunde Fowler, disclosed this at the African Tax Administration Forum Technical Workshop on VAT on Monday in Abuja. Fowler said that &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-26T14:40:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/FOWLER-750x423.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"423\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/FOWLER-750x423.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2018\/09\/FOWLER-750x423.jpg\",\"width\":750,\"height\":423},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/\",\"name\":\"FIRS Charges VAT On Online Transactions January 2020 \u2014Fowler - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/#primaryimage\"},\"datePublished\":\"2019-08-26T14:40:20+00:00\",\"dateModified\":\"2019-08-26T14:40:20+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FIRS Charges VAT On Online Transactions January 2020 \u2014Fowler\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FIRS Charges VAT On Online Transactions January 2020 \u2014Fowler - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/firs-charges-vat-on-online-transactions-january-2020-fowler\/","og_locale":"en_US","og_type":"article","og_title":"FIRS Charges VAT On Online Transactions January 2020 \u2014Fowler - National Wire","og_description":"The Federal Inland Revenue Service (FIRS) has said that it would start charging Value Added Tax on online transactions, both domestic and international, with effective from January 2020. 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