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Government set Monday for VAT remittance

30 June 2014, 12:45

Lagos - The Federal Inland Revenue Service (FIRS) and the National Electricity Regulatory Commission (NERC) have set Monday, June 30 as the deadline for the remittance of taxes by power sector operators in the Nigerian Electricity Supply Industry (NESI).

The two agencies set the deadline at a joint workshop for stakeholders in the power sector to discuss issues relating to the non-remittance of outstanding Value Added Taxes (VAT) deductions.

A statement by the Head, Communications and Liaison Department, Federal Inland Revenue Service, Wahab Gbadamosi said both institutions agreed that while discussions are ongoing between stakeholders, outstanding Value Added Taxes (VAT) deducted be remitted to the FIRS on or before 30th June, 2014.

He noted that part of the ongoing discussions are that capital items would be defined according to the standards of the International Financial Reporting Standards (IFRS).

He said gas purchases would need to be treated under some form of special dispensation such as input VAT suffered by GENCos (Generating Companies) would be considered under this dispensation.

Earlier, Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala told participants at the workshop that Value Added Tax (VAT), provided an instant opportunity to measure progress for the ongoing transformation in the power sector.

The Acting Executive Chairman of FIRS, Kabir Mashi, remarked that the collaborative efforts was part of the Service’ resolve to focus more on the need to grow non-oil revenue in order to meet the developmental needs of the country.

He noted that the FIRS had earlier embarked on a similar initiatives in the Aviation Industry, Banking Sector, Government`s Ministries.
Prof. Chidi Onyia, the Chief of Staff, to the Minister of Power, Professor Chinedu Nebo, who represented the Minister as well as the Chairman of NERC, Patrick Umeh, assured that the ministry was committed to ensuring transparency in the entire process.

They also pledge to support the FIRS in ensuring payment of appropriate taxes in order to impart on the nation’s Internally Generated Revenue (IGR) to lessen governments over dependence on oil revenue.

-      NAN

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