Taxing Nigeria’s Fledgling Economy: Between Tax Penetration and Economic Recovery
Nigeria has rolled out another tax amnesty scheme. Backed by Presidential Executive Order No 8 signed on 8 October 2018, Voluntary Offshore Assets Regularization Scheme (VOARS) became the latest effort at combating money laundering and tax evasion.
FIRS mandates taxpayers to obtain VAT registration certificates and display at their premises
The Federal Inland Revenue Service (FIRS), on 22 October 2018, notified the general public that it has commenced issuance of value-added tax (VAT) certificates to all new and existing taxpayers registered for VAT purposes. By the publication, FIRS also directed VAT collectors to display their VAT certificates at their business premises and implored taxpayers to report VAT collectors who fail to comply with this directive to the agency.