The Federal Inland Revenue Service says it will begin to impose Value Added Tax on online transactions, both domestic and international, with effective from January 2020.
The Executive Chairman of FIRS, Mr Tunde Fowler, disclosed this at the African Tax Administration Forum (ATAF) Technical Workshop on VAT in Abuja.
Mr. Fowler adds that a lot of countries in the world that have identified Nigeria as a good market are into online businesses; stressing that there is need to tap the potentials to generate more revenue for the country.
The date of commencement of the VAT on online transactions would be subject to government’s approval.
