•Wike alleges plan to move appeal from Port Harcourt to Abuja courtJames Emejo in Abuja and Blessing Ibunge in Port Harcourt
The development followed rising agitation by some states to collect and utilise proceeds of consumption tax, after Rivers State secured victory in court on the matter. “I was told that the FIRS is working to move the appeal to Abuja, but I have not confirmed whether it is true or not. But let it be known that I am standing on the principle of justice and constitutionalism. What I feel is that the right thing should be done. Whether they want to hear the appeal in Kafanchan or in America, let the law take its course.
On its part, FIRS has maintained that the decision of the Federal High Court to grant powers to states to administer VAT could be counterproductive. Gbonjubola stated: “The VAT is not paid to the federation account but to VAT pool account for distribution to the three tiers of government. It is after the sharing that the portion of the federal government is paid to the Consolidated Revenue Fund Account.
He said where the output VAT exceeded the recoverable input VAT; the taxpayer was expected to remit the excess to the FIRS. “And when that business pays VAT, it is accounted for that business as an input tax, such that if it begins to sell in any part of Nigeria, and charges VAT from its own customers, it is able to rescue the importers payment either by port if it is an imported item or to the manufacturer if it was obtained from local producers.
“It is easy to work out the input-output mechanism, businesses won’t be short-changed; there is no issue of consumers having to pay VAT more than once. Nami had highlighted the increasing pushback by states to collect and retain the VAT proceeds in their respective states. He said the exclusive jurisdiction of the proposed FRC shall include adjudication of tax disputes arising or connected to the federal tax laws, including Company Income Tax Act , Petroleum Profit Tax Act , Personal Income Tax Act , Capital Gains Tax Act , STAMP Duty Act , Value Added Tax Act and Taxed and Levies Act as well as other laws, regulations, proclamation, government notices or rules related to these Acts.
You can give 1 million reasons if you like.
Either you are against it or not this has come to stand and there’s nothing you can do about it
We know you'll be because the windfall that comes with it to your officers will be withdrawn and pushed to the states .
No more free money for northern states make dem go hustle their moni ! The feeding bottle system of governance in the ZOO is about to end
Tell us why you're against Southeast Producing 2023 President? When it comes to election, the North will boast with numbers real and imaginary. FIRS is not above the Constitution of Nigeria, the court have spoken. Without Constitutional amendments that Appeal will fail.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Source: SaharaReporters - 🏆 9. / 63 Read more »