VAT: Expert tells Buhari govt what to do
Oyedele, Head of Tax and Corporate Advisory Services, PricewaterhouseCoopers (PwC), West Africa, gave the advice in an interview with the News Agency of Nigeria (NAN) on Monday in Lagos.
“At the moment, we have a lot of issues with Nigerian VAT law because most times policymakers talk about the rate alone without saying anything about the rest of the law.
“The Federal Inland Revenue Service (FIRS) has seen this loophole and it is trying to block the leakage through the back door by issuing circulars to that effect.
NAN reports that digital economy (transaction) is the worldwide network of economic activities, commercial transactions and professional interactions that are enabled by Information and Communications Technologies (ICT).
“VAT law was introduced in 1993 and took effect in 1994; all over the world, including Nigeria, consumption tax is usually a state and local government tax.