The Federal Inland Revenue Service (FIRS) has announced new updates to the Value Added Tax (VAT) filing procedures on the TaxPro Max system. The aim is to increase the efficiency of the input VAT claim, sales adjustment entries and output VAT filing procedures. The changes take effect from the April 2023 filing period.
The FIRS is seeking to seamlessly match Output VAT collection to the Input VAT claimed by businesses and promote transparency in VAT compliance. To educate the public on the process and the increased data requirements to file a complete VAT return, the FIRS released illustrative videos on YouTube, documented guides and also held a sensitisation event on 18 April 2023 targeted at various stakeholders.
The FIRS mentioned that the changes are in their pilot phase but there is absolute commitment from management towards full implementation and adoption by taxpayers.
In our Tax Alert, we have highlighted the changes introduced under the new filing system, and analysed relevant legal and practical considerations.
Please read our Tax Alert below:
Download PwC Tax Alert - FIRS introduces new changes on the VAT module on TaxPro Max