May 27, 2024
VAT Collection: Maintain status quo till final determination of the matter —- FIRS
– By Alison_Godswill

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

VAT Collection: Maintain status quo till final determination of the matter —- FIRS

By Eyo Nsima

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, stating that “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.”

The FIRS disclosed this in a statement by the Special Assistant to the Chairman of the FIRS on Media and Communications, Johannes Wojuola.

“The FIRS having lodged, in the Court of Appeal, both an appeal against the decision of the Federal High Court sitting in Rivers State in Suit No. FHC/PH/CS/149/2020, Attorney General of Rivers State Vs Federal Inland Revenue Service, and an injunction pending appeal of the said judgement, assures taxpayers that there was no cause for alarm.

“The Federal High Court ruling should not breed any confusion as to the obligations of taxpayers.  Taxpayers must continue to comply with the Value Added Tax Act pending the final determination of the appeal.

“Taxpayers must continue to honor their tax obligations under the VAT Act. Failure to do this would put them on a collision course with the law”, the statement said.

“For the avoidance of doubt, records of appeal have been transmitted to the appellate court. The Service is confident that, given the extant laws, the arguments and case put forward, it will earn a favored judgment at the appellate court”, the statement concluded.

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Copyright @ TheDaily. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheDaily

Leave a Comment

Your email address will not be published. Required fields are marked *

📰 Subscribe to our Newsletter

Scroll to Top