Nigeria’s tax authority will now digitally verify taxes paid by telecom companies

Must Read

PepsiCo Elects Segun Agbaje To Board Of Director

PepsiCo, Inc. (NASDAQ: PEP) today announced its Board of Directors has elected Segun Agbaje as an independent member of...

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

In line with its inter-agency collaboration, the Nigerian Communications Commission (NCC) has signed a Memorandum of Understanding (MoU) with the Federal Inland Revenue Service (FIRS) to ensure the tax agency ascertain accuracy and completeness of value-added tax (VAT) elements and other taxes payable in the transactions of telecoms operators.

Nigeria’s tax authority will now digitally verify taxes paid by telecom companies
Muhammad Nami, Executive Chairman, Federal Inland Revenue Service (FIRS); Prof. Umar Danbatta, Executive Vice Chairman (EVC) and Felix Adeoye, Commission Secretary, during the signing of the MoU.

With the MoU, the FIRS will be able to integrate an application programming interface (API) technology solution with the systems of telecom Operators for independent verification of the amount of VAT that should be paid by mobile network operators (MNO) rather than relying entirely on the Operators’ books of accounts.

Nigeria’s tax authority will now digitally verify taxes paid by telecom companies
Nami and Danbatta.

Speaking during the MoU signing ceremony in Abuja on Tuesday, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, said that diligence and appropriate due processes were undertaken to conclude the MoU, as the Commission took its time to understand the import of the MoU.

- Advertisement -

Nigeria’s tax authority will now digitally verify taxes paid by telecom companies

Nigeria’s tax authority will now digitally verify taxes paid by telecom companies
Nami and Danbatta in an ‘elbow handshake’

According to him, “Our concern, as Regulator of the telecoms industry, is that we needed to be sure that it is not another way to tax telecoms Operators, who are already dealing with multiple taxation issues. We have also ensured that the integration of the solutions with telcos’ transactions systems will not, in any way, impact the cost and quality of service delivery by the Operators to telecoms consumers.”

Nigeria’s tax authority will now digitally verify taxes paid by telecom companies
L-R: Nami; Danbatta; Nneka Ifekwuna, Secretary, FIRS Board; Engr. Ubale Maska, Executive Commissioner, Technical Services, NCC and Barr. Adeleke Adewolu, Executive Commissioner, Stakeholder Management, NCC.

- Advertisement -

Danbatta, therefore, assured telecoms consumers and stakeholders that the integration of FIRS solution with the Operators’ systems is entire to ascertain the accuracy of the VAT elements being paid by the Operators on their transactions and will not, in any way, degrade the quality of service delivery or lead to the high cost of service to the consumers.

Read Also:  Rolls-Royce and Daimler Truck AG plan cooperation on stationary fuel-cell systems

Nigeria’s tax authority will now digitally verify taxes paid by telecom companies
L-R: Jibrin Salihu, Personal Assistant to Executive Chairman (EC) of FIRS; Nami; Danbatta; Ifekwuna; Maska, Adewolu and Adeoye.

In his comments, the Executive Chairman and Chief Executive Officer, FIRS, Muhammad Nami, who thanked the NCC for accepting to collaborate with the tax agency, said the MoU is mainly to ascertain the completeness of tax transactions of mobile service providers to the Federal Government due to the shift of physical businesses to electronic-based business activities.

He said: “The API, which was developed in-house, is transaction-based and all we are trying to do is to ensure we have the basis for determining the completeness and accuracy of VAT elements in telecoms transactions.”

- Advertisement -
Nigeria’s tax authority will now digitally verify taxes paid by telecom companiesNigeria’s tax authority will now digitally verify taxes paid by telecom companies

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigeria’s tax authority will now digitally verify taxes paid by telecom companiesNigeria’s tax authority will now digitally verify taxes paid by telecom companies

Latest News

71% of house owners lack proof of ownership in Nigeria – NBS

71% of households do not have evidence to prove the ownership of their homes, according to the Nigeria Living...

Only 5.7% of Nigerian households received remittances from abroad – NBS

Only 5.7% of households in Nigeria were recipients of remittances from international sources between 2018 and 2019, while 52.7% of Nigerian households received their...

Union Dicon Salt, Medview Airline and 11 Others Default in Post First Deficiency Notification For Q1 2020 UFS

The Nigerian Stock Exchange hereby informs the general public that the companies listed below have failed to comply with The Exchange's directive to issue...

Kachi Onubogu promised a balanced representation in the NIMN council

The Chief Executive Officer of Frutta Juice and Services, Dr Onyekachi Onubogu, has pledged to serve as a bridge between the Town and Gown,...

New Music, ‘Jeff’ by Nosir debuts

Spade Gospel Entertainment (SGE) is excited to declare the release of the new song from Nosir, titled, Jeff. The song is available for listening on YouTube...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Nigeria’s tax authority will now digitally verify taxes paid by telecom companiesNigeria’s tax authority will now digitally verify taxes paid by telecom companies