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FIRS AFFIRMS POSITION ON VAT COLLECTION

The Federal Inland Revenue Service (FIRS) has urged taxpayers not to panic over the recent court ruling by the Federal High Court sitting in Port Harcourt which dismissed its motion for stay of execution of the judgment that Rivers State can collect Value Added Taxes from its RESIDENT.

A statement from the FIRS says until the Court of Appeal, or even the Supreme Court, determines the matter, taxpayers are required to continue to comply with their Value Added Tax (VAT) obligations within the status quo framework.

Cautioning that Taxpayers must continue to honour their tax obligations under the VAT Act, as Failure to do this would put them on a collision course with the law.

Records of appeal the statement says have been transmitted to the appellate court and the The FIRS is confident that, given the extant laws, the arguments and case put forward, it will earn a favoured judgment at the appellate court.

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