{"id":4429,"date":"2018-09-24T18:11:58","date_gmt":"2018-09-24T18:11:58","guid":{"rendered":"https:\/\/www.aziza.com.ng\/read\/?p=4429"},"modified":"2024-11-10T10:58:40","modified_gmt":"2024-11-10T10:58:40","slug":"procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection","status":"publish","type":"post","link":"https:\/\/www.aziza.com.ng\/read\/procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection\/","title":{"rendered":"PROCEDURE FOR WITHHODING TAX\u00a0(WHT) AND VALUE ADDED TAX (VAT) COLLECTION"},"content":{"rendered":"

GUIDELINES ON THE COLLECTION PROCEDURE FOR WITHHODING TAX\u00a0(WHT) AND VALUE ADDED TAX (VAT) BY MINISTRIES, PARASTATALS\u00a0AND OTHER AGENCIES OF GOVERNMENT.<\/strong><\/p>\n

The purpose of this circular is to draw the attention of the general public and especially\u00a0Ministries, Departments and Agencies of government at federal, state and local levels to the\u00a0government policy on the collection procedures of Withholding Tax (WHT) and the Value\u00a0Added Tax (VAT) by government and related establishment. The circular aims to clear some\u00a0doubt and misgiving about the status, scope, nature and objective of the two tax concept. It\u00a0also spells out the guideline on the collection procedures for the two tax regimes.<\/p>\n

 <\/p>\n

Read: Company Registration Service<\/span><\/a><\/h2>\n

 <\/p>\n

Highlights<\/strong>
\nThe following salient points may be noted:
\n(i) Withholding tax is not a separate type of tax but a payment on account of\u00a0income tax and it is available as set-off against future income tax\u00a0assessments;
\n(ii) Ministries, departments and agencies of government do not bear the burden of\u00a0WHT but they merely act as agents of collection of the tax;
\n(iii) Value Added Tax is a tax on consumption of goods and services;
\n(iv) As consumers of goods and services, ministries, departments and other\u00a0agencies of Government pay VAT on their consumption in addition to the\u00a0contract price of the item consumed by them and the contractor render\u00a0monthly return, Government Agencies must obtain receipt from FIRS for the\u00a0VAT paid on behalf of the contractors;
\n(v) The VAT receipt is used by the contractor to make his monthly output and\u00a0input VAT return.
\n(vi) Applicable rates<\/strong>
\n\"Withholding<\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

 <\/p>\n

<\/h2>\n

<\/h2>\n

Get a Debt Recovery \/ Collection Service in Nigeria<\/a><\/h2>\n

 <\/p>\n

2. Withholding Tax and Value Added Tax<\/strong>
\nThere is need to draw attention to the fundamental differences between Withholding Tax and\u00a0Value Added Tax so that the two tax concepts can be clearly understood.<\/p>\n

Withholding Tax is an advance payment of income tax and the purpose is to bring the\u00a0prospective taxpayer to the tax net, thereby widening the income tax base.<\/p>\n

When the income, which suffered withholding tax as deduction at source, is finally brought to\u00a0the notice of the tax authority and appropriate tax is computed, credit is given for the tax\u00a0deducted. The taxpayer will be required to pay only the balance of the tax due (if any). WHT\u00a0is meant to curb income tax evasion and it is not a separate tax on its own.<\/p>\n

In contrast, Value Added Tax is a separate type of tax. VAT is a consumption tax payable on\u00a0the goods and services consumed by any person whether government agencies, business\u00a0organization or individual. The target of VAT is consumption of good and services and\u00a0unless an item is specifically exempted by law, the consumer is liable to the tax.<\/p>\n

Therefore, all agencies of government, religious and other organization and similar person\u00a0that are normally exempted from income tax are expected to pay VAT on the goods and\u00a0services consumed by them.<\/p>\n

 <\/p>\n

Read: How to process Tax Clearance Certificate<\/a><\/span><\/h2>\n

 <\/p>\n

3. Collection arrangement by Government agencies.<\/strong>
\na) Withholding Tax.
\n(i) The rate at which tax is to be withheld on payment for contract of supplies,\u00a0construction and allied services has been increased from 2.5% to 5% with\u00a0effect from 1st January, 1995;<\/p>\n

(ii) The withholding tax on consultancy fees, technical fees, management fees,\u00a0director\u2019s fees and fees for services other than those mentioned in subparagraph\u00a0(i) above remains at 10% when payable to limited liability\u00a0companies. The applicable rate for such types of payment to individuals\u00a0and non-corporate bodies is 5%.<\/p>\n

(iii) Withholding tax rate for dividend, interest and rent whether paid to\u00a0companies or individual is 10%. The applicable rate on royalties is 10%\u00a0for companies and 5% for individuals.<\/p>\n

(iv) Withholding taxes on individuals who are non-resident in Nigeria,\u00a0residents of Federal capital Territory of Abuja, members of the Police &\u00a0Armed Forces and Foreign Affairs Officers are payable to the FIRS.\u00a0Withholding taxes on other individuals are payable to the tax authority of\u00a0the State (State Internal Revenue Service) where the individuals reside.<\/p>\n

(v) The term \u201ccontract of supplies\u2019\u2019 covers all form of supplies, deliveries or\u00a0the like through competitive bidding, tender, LPOs or other similar\u00a0arrangements whether oral or written but does not cover across-the\u00a0counter cash sales or supplies in the ordinary course of business.<\/p>\n

(vi) The currency in which the tax is to be paid is the currency of transaction.<\/p>\n

(vii) Withholding taxes are to be paid to FIRS designated collecting banks
\nThe payment should be accompanied with a schedule showing the\u00a0following details:
\n\uf0b7 name of each contractor;
\n\uf0b7 Taxpayer Identification Number of each contractor;
\n\uf0b7 the gross value of the contract; and
\n\uf0b7 the amount of tax withheld.<\/p>\n

(viii) In the case of individuals, sole proprietorship, partnership and other\u00a0business enterprises which fall within the tax jurisdiction of state\u00a0Government, payments should be made to the relevant SIRS.<\/p>\n

(ix) The time within which the withholding tax is to be remitted to the FIRS is\u00a030 days from the date the tax is withheld or the date the duty to deduct\u00a0arises, whichever is earlier.<\/p>\n

(x) Any default in the implementation of the tax carries heavy penalties.Failure to deduct withholding taxes and failure to remit taxes withheld are\u00a0punishable on conviction by a penalty of 10% per annum of the tax not\u00a0withheld or remitted and interest at CBN rediscount rate plus spread to be\u00a0determined by the Minister of Finance.<\/p>\n

(xi) Government will not condone any lapses in the implementation of these\u00a0directives .It is important to clarify that statutory sanctions will be invoked\u00a0where any agency of government fails to deduct or deducts at less than the\u00a0applicable rate or, having deducted, fails to remit the withholding tax\u00a0within statutory time. Such sanction include the imposition of penalty and\u00a0interest at commercial rate on the amount not withheld, under \u2013deducted or\u00a0not remitted, as the case may be. The FIRS also has the statutory power to\u00a0authorize the Accountant-General of the Federation to withhold such\u00a0amount together with the accruing penalty and interest from any allocation
\ndue to such government ministry or agency.<\/p>\n

b) Value Added Tax.<\/strong>
\n(i) All government agencies are now to register as VAT agent. They are to\u00a0make necessary provision for the payment of VAT in their award of\u00a0contract. The VAT deducted should be remitted to the FIRS at the same\u00a0time the contract payment is being made to the contractor.
\n(ii) The submission of evidence of VAT registration by a contractor is now a\u00a0requirement prior to being allowed to bid for a contract with Ministries,\u00a0Departments and Agencies of government at all levels.
\n(iii) VAT is to be paid at FIRS designated collecting banks.
\nThe payment should be accompanied with a schedule showing the\u00a0following details:
\n\uf0b7 name, address and JTB TIN;
\n\uf0b7 the number and amount on the invoice;
\n\uf0b7 the month of transaction; and
\n\uf0b7 the VAT payable.<\/p>\n

(iv) All contractors are still to render VAT returns to the FIRS on the contracts\u00a0awarded to them by government agencies and necessary adjustment will be\u00a0made for the output tax collected from the sources to arrive at a net\u00a0payable or refund – see box 13 of the appendix (Form 002).<\/p>\n

The agencies of government referred to in this circular include a ministry, department,\u00a0parastatal, an institution or any other agency of the Federal, State or Local government.<\/p>\n

 <\/p>\n

Read: DPR Permit Application Services<\/span><\/a><\/h2>\n

 <\/p>\n

4. Dual Tax Role of Ministries, Departments and Agencies of Government<\/strong>
\nFor the avoidance of doubt, it is necessary to clarify that the new policy of government\u00a0imposes dual tax roles on any agency awarding contracts. Such an agency is to act as:
\n(i) agent of government for the deduction and remittance of withholding tax; and
\n(ii) agent of government for the collection and remittance of VAT.
\nThis implies that two (2) separate remittances – one for the payment of Withholding Tax and\u00a0the other for the payment of Value Added Tax.<\/p>\n

5. For any further information or clarifications please direct your enquiries to;<\/strong>
\nExecutive Chairman,
\nFederal Inland Revenue Service,
\nRevenue House,
\n15 Sokode Crescent, Wuse Zone 5, Abuja.
\nOr
\nVisit our website: www.firs.gov.ng
\nEmail: enquiries@firs.gov.ng
\nTelephones: 08159490002, 08159490001, 08159490000<\/p>\n","protected":false},"excerpt":{"rendered":"

GUIDELINES ON THE COLLECTION PROCEDURE FOR WITHHODING TAX\u00a0(WHT) AND VALUE ADDED TAX (VAT) BY MINISTRIES, PARASTATALS\u00a0AND OTHER AGENCIES OF GOVERNMENT. The purpose of this circular is to draw the attention of the general public and especially\u00a0Ministries, Departments and Agencies of government at federal, state and local levels to the\u00a0government policy on the collection procedures of […]<\/p>\n","protected":false},"author":1,"featured_media":4401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[2],"tags":[1606,1700],"class_list":["post-4429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-tax-in-nigeria","tag-withhoding-tax-wht-and-value-added-tax-vat-collection"],"acf":[],"yoast_head":"\nWITHHODING TAX\u00a0(WHT) AND VALUE ADDED TAX (VAT) COLLECTION - Aziza Goodnews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aziza.com.ng\/read\/procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PROCEDURE FOR WITHHODING TAX\u00a0(WHT) AND VALUE ADDED TAX (VAT) COLLECTION\" \/>\n<meta property=\"og:description\" content=\"GUIDELINES ON THE COLLECTION PROCEDURE FOR WITHHODING TAX\u00a0(WHT) AND VALUE ADDED TAX (VAT) BY MINISTRIES, PARASTATALS\u00a0AND OTHER AGENCIES OF GOVERNMENT. The purpose of this circular is to draw the attention of the general public and especially\u00a0Ministries, Departments and Agencies of government at federal, state and local levels to the\u00a0government policy on the collection procedures of […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.aziza.com.ng\/read\/procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection\/\" \/>\n<meta property=\"og:site_name\" content=\"Aziza Goodnews\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/web.facebook.com\/azizaNigeria\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-24T18:11:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-10T10:58:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.aziza.com.ng\/read\/wp-content\/uploads\/2018\/09\/Tax-services-in-Nigeria-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"300\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aziza Nigeria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aziza Nigeria\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.aziza.com.ng\\\/read\\\/procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.aziza.com.ng\\\/read\\\/procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection\\\/\"},\"author\":{\"name\":\"Aziza Nigeria\",\"@id\":\"https:\\\/\\\/www.aziza.com.ng\\\/read\\\/#\\\/schema\\\/person\\\/a29bc9acbb64b1e017ed494d99d5459d\"},\"headline\":\"PROCEDURE FOR WITHHODING TAX\u00a0(WHT) AND VALUE ADDED TAX (VAT) COLLECTION\",\"datePublished\":\"2018-09-24T18:11:58+00:00\",\"dateModified\":\"2024-11-10T10:58:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.aziza.com.ng\\\/read\\\/procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection\\\/\"},\"wordCount\":1370,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.aziza.com.ng\\\/read\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.aziza.com.ng\\\/read\\\/procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.aziza.com.ng\\\/read\\\/wp-content\\\/uploads\\\/2018\\\/09\\\/Tax-services-in-Nigeria-2.jpg\",\"keywords\":[\"tax in Nigeria\",\"WITHHODING TAX\u00a0(WHT) AND VALUE ADDED TAX (VAT) COLLECTION\"],\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.aziza.com.ng\\\/read\\\/procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.aziza.com.ng\\\/read\\\/procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection\\\/\",\"url\":\"https:\\\/\\\/www.aziza.com.ng\\\/read\\\/procedure-for-withhoding-tax-wht-and-value-added-tax-vat-collection\\\/\",\"name\":\"WITHHODING TAX\u00a0(WHT) AND VALUE ADDED TAX (VAT) COLLECTION - 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