Lagos preparing for VAT collection, says LIRS - Punch Newspapers
The most widely read newspaper in Nigeria
17 September 2021The Lagos State Inland Revenue Service has said it is ready for Value Added Tax collection.It disclosed this in an answer to a question raised during the LCCI’s ‘SMEGroup Workshop on Assisting MSMEs with Regulatory Compliance’ that held on Thursday.
When asked about VAT, Assistant Director of Taxes, LIRS, Adetola Olanrewaju, said, “The case is in the court and there will be another hearing today. Lagos State is prepared for VAT collection, but any matter still in the court is not for public consumption.”
Olanrewaju represented the LIRS chairman, Hamzat Subair, at the event held to inform SMEs on tax compliance.He said, “We’ve been collecting state tax before now, and we’ve been collecting occupancy tax. So, we are prepared for VAT collection, but we are waiting on the judgement. headtopics.com
“The LIRS has the manpower, staff, we are qualified academically and professionally. We are prepared for the job.”When asked why the Lagos VAT law did not exempt small and medium-sized enterprises from VAT he said, “The Lagos State House of Assembly said they will look into it. If there is need for any adjustment, it will be made. But what I am sure of is that the pharmaceuticals are exempted, but where there are issues presently, it will be considered in public interest.”Read more: The Punch Newspapers »
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