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Teriba seeks breakdown of VAT receipts

Amid the on-going battle between Rivers and Lagos State governments on one hand and the Federal Inland Revenue Service (FIRS) on the other, over which party has the authority to collect Value Added Tax (VAT), the Chief Executive Officer,

 

Economic Associates, Dr. Ayo Teriba, has said that a breakdown of proceeds from international, interstate and intrastate VAT components should be published.

 

Contributing to the VAT debate in a write-up obtained by New Telegraph yesterday, the respected economist, stated: “The total VAT receipts at issue were about N1.5 trillion or one per cent of GDP in 2020. There seem to be a presumption in some circles that the bulk of the VAT are generated from intrastate transactions.

 

“VAT receipts have never been broken down into federally generated international/interstate components on the one hand, and sub-nationally generated or ‘internally generated’ intrastate component on the other hand, or even intra-LG/ intracity components that may well become an issue as our democratic quest for devolution take root.

 

It is important to have such breakdown now.” He stated that if the states win the battle to collect VAT within their jurisdictions on behalf of themselves and their constituent local governments, “they can only collect VAT on intrastate transactions,” adding that “nothing should stop the LGs or major cities from following suit.”

 

He further pointed out that “VAT on interstate transactions, including Corporate VAT payments at headquarters that transcend intrastate transactions, are legitimately collectible and retainable by the Federal Government and redistributable among all states based on equality of states/local governments and population.

 

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