The Federal Inland Revenue Service (FIRS) has provided updates on the implementation of the input value-added tax (VAT) filing procedures via its administration solution, TaxPro-Max.
TaxPro-Max enables seamless registration, filing, payment of taxes, and automatic credit of withholding tax as well as other credits to the taxpayer’s accounts among other features.
Input VAT is the value-added tax on the price paid for eligible goods or services. Firms that are VAT-registered can charge and add VAT to the value of goods and services they supply.
Providing guidelines on VAT filing processes on the TaxPro-Max platform in a statement on Friday, FIRS said “taxpayers are to file their April 2023 returns, in May 2023 as normal. All the disabled columns will be opened [and] the auto credit for purchases will be disabled”.