The Federal Inland Revenue Service (FIRS) says the implementation of the amended Finance Act 2023 will start from September 1, 2023.
The agency made the disclosure in a public notice by executive chairman, Muhammad Nami, stating that the amended Finance Act 2023, which tweaked certain provisions in the tax laws, was enacted on 28h May, 2023 and back dated to take effect from 1 May 2023.
However, pursuant to the Finance Act (Effective Date Variation Order) 2023, the effective date was changed to 1 September 2023.
Consequently, taxpayers, tax practitioners and the general public have been invited to take notice that all VAT withheld or collected in August 2023 shall be remitted to FIRS on or before the 14th of September 2023.
Similarly, VAT withheld or collected in subsequent months shall be remitted to FIRS not later than 14h day of the month following that in which the VAT was withheld or collected.