The Federal Inland Revenue Service (FIRS) has announced that it will embark on a nationwide Value Added Tax and Withholding Tax compliance monitoring exercise.

FIRS Executive Chairman, ZACCH ADEDEJI, who disclosed this in a statement, said that the exercise will commence on Monday, October 23.

ADEDEJI said the exercise is aimed at ensuring that taxpayers are complying with their tax obligations and remitting the correct amount of Value Added Tax and Withholding Tax to the government.

He stated that a team of officers from the service shall visit selected taxpayers and taxable persons to review their Value Added Tax and Withholding Tax records.

He noted that the exercise would cover 2019 to 2022 accounting years for taxable persons whose records have been audited by the Service up to 2018 accounting year.

The FIRS Executive Chairman added that taxpayers whose records have been audited by the service up to the 2018 accounting year will be covered by the exercise, while those whose records have not been audited up to 2018 will have their prior years that have not been tax audited included in the exercise.