Collection of IRS Withholding Tax on Imports to Start 23rd June 2008. - 11 June 2008
Importers will no longer have to visit Internal Revenue Service (IRS) Port Offices for verification of their Tax Clearance Certificate or Payment of 1% Withholding Tax on Imports.
From 23rd June 2008 IRS operations at all locations connected to the GCNet system will be fully automated. IRS will maintain a list of importers in good standing who will be exempted from the Withholding Tax. All other importers will have to pay the tax which may be used as a tax credit to offset company taxes.
It is expected that the new system will simplify procedures for importers, IRS and the Customs Excise and Preventative Service (CEPS) while at the same time reducing revenue leakage to IRS.
All Declarants should note that a self-executing update file is available in the FES Update section of the GCNet website members area - you need a valid log in and password to access it.