FIRS public notice on deduction of VAT at sources by companies operating in Oil and Gas industry - Daily Post Nigeria

Section 13 of the Value Added Tax Act, CAP V1, LFN 2004 , states that

Further to the provisions of the VAT Act, FIRS issued Information Circular No. 02/2007 – Notification of Guidelines on the Implementation of VAT Deduction and New Payment Arrangement with Respect to Fees, Levies, and other Charges Payable by Companies in Oil and Gas Industry. The Service observed that some companies are not complying with the notice to withhold and remit VAT. Consequently, the FIRS hereby clarifies as follows:

“Companies operating in the oil & gas sector” include all companies engaged in upstream operations, downstream operations, Refineries oil serving companies and any other business operation in the upstream, mid-stream or downstream oil & gas sector.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stamp duty: NIPOST tackles FIRS, moves for Finance Act amendment|p style= That 50NGN go choke them. The fact that it is call stamp duty doesn't make it have anything to do with the postal service. NIPOST should get real for once. I would have expected them to make effective use of their fallow offices here and there
Source: MobilePunch - 🏆 8. / 63 Read more »

NDDC crisis: Contractor denies signing agreements for 11 companies, warns officials of commission - Daily Post NigeriaOne of the contractors of the Niger Delta Development Commission, NDDC, High Chief Nelson Agbamuche, the Odozi-Ani of Akwukwu Igbo Kingdom in Delta State,
Source: DailyPostNGR - 🏆 11. / 59 Read more »