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Home ยป FCT-IRS urges MDAs, contractors to remit withholding taxes appropriately
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FCT-IRS urges MDAs, contractors to remit withholding taxes appropriately

OsunDailyBy OsunDailyJune 18, 2023No Comments2 Mins Read
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The Federal Capital Territory Internal Revenue Service (FCT-IRS)
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The FCT Internal Revenue Service (FCT-IRS) has urged Ministries Departments and Agencies (MDAs), and contractors in the territory to remit Withholding Taxes (WHT) appropriately.

Its spokesman, Mustapha Sumaila, noted in a statement on Sunday in Abuja that many organisations erroneously remitted withholding taxes meant for the FCT-IRS to other tax authorities.

He stressed that it was important for taxpayers to understand tax jurisdiction rules.

According to him, WHT for limited liability companies is remitted to the Federal Inland Revenue Service (FIRS), while WHT for enterprises and individual contractors goes to the Internal Revenue Services of states or FCT-IRS.

โ€œWe have observed instances where the wrong tax jurisdiction is entered on the Government Integrated Financial Management Information System (GIFMIS) platform by MDAsโ€™ desk officers.

โ€œThis error can lead to contractors suffering a loss of WHT credit and relevant tax authority experiencing revenue loss.

โ€œThe beneficiary of the WHT may also be denied the WHT credit.

โ€œTo prevent such losses, we urge all MDA desk officers to ensure accurate data entry at the point of initiation,โ€™โ€™ he stated.

Mr Sumaila warned that FCT-IRS would not issue tax clearance certificates on WHT credits wrongly sent to other tax jurisdictions by the GIFMIS platform.

โ€œWe advise all taxpayers to liaise closely with their respective MDA desk officers to ensure the correct tax jurisdiction is selected during WHT remittance,โ€™โ€™ he stressed.

FCT-IRS took over the administration, collection, and accounting of taxes in the FCT from the FIRS in 2018.ย 

(NAN)ย 


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appropriately Contractors FCTIRS MDAs remit taxes Urges withholding
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