Businesses should note that they are not the party suffering the VAT, but a mere agent of collection and remittance
Similarly, a taxable person who fails to collect tax is to pay 150 percent of the amount not collected plus 5 percent interest above the Central Bank of Nigeria rediscount rate.
Concept of voluntary compliance
FIRS encourages voluntary compliance instead of the use of coercion. Tax compliance rela
```
Members Only
Login or create an account to continue
This article is available to registered BusinessDay readers. Please login if you already have an account, or create a new account to continue reading.
New to BusinessDay? Register now and start reading.
```
BusinessDay
Nigeria's leading finance and market intelligence news report. Also home to expert opinion and commentary on politics, sports, lifestyle, and more
