Following the controversy between the Federal and State Government on Value Added Tax (VAT), especially as today’s penalty-free period ends for tax remittance for the month of August, organised businesses have expressed concerns as to where to fulfil their tax obligations.
Members of the Organised Private Sector of Nigeria (OPSN), who expressed that they have remained law-abiding, fulfilling their tax obligations to both the Federal and State governments, said they were seriously concerned about the consequences of the on-going controversy.
They argued that it would be an aberration to punish businesses or make them suffer while offering pro-bono service with the ongoing situation that had created an environment of uncertainty, which will not only affect business competitiveness but also its sustainability.
Addressing a press conference over the weekend, Chairman of the OPSN, Taiwo Adeniyi, in presence of some members of the body, said as the deadline for remittance of VAT collection falls due on 21st of every month, businesses as the collecting agents, are practically unclear on authority to remit to and without a clear path, would further aggravate the pain on businesses.
