PoS agents will not pay monthly tax to authorities – CAC registrar

The Registrar General of the Corporate Affairs Commission (CAC) Ishaq Magaji, SAN, has cleared the air over the outcry of remitting monthly taxes to authorities by Point of Sales (PoS)’ operators after their registration. The RG in an interview with Trust Radio, a subsidiary of Media Trust Group, disclosed that PoS operators would be registering […]

The Registrar General of the Corporate Affairs Commission (CAC) Ishaq Magaji, SAN, has cleared the air over the outcry of remitting monthly taxes to authorities by Point of Sales (PoS)’ operators after their registration.

The RG in an interview with Trust Radio, a subsidiary of Media Trust Group, disclosed that PoS operators would be registering under the ‘Business Name’ category which does not require tax returns.

Recall that CAC had recently directed PoS terminals whether as agents, merchants or individuals, to register with the agency before commencement of business.

The move has seen many PoS agents protest the directive, arguing that the registration will impact on their transactions and would deplete the profits in the business and force them out of operation.

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The RG said: “If you are paying tax to the FIRS, you must be a Limited Liability Company, but these ones are registering under business name, except if the state government captures them, their taxes go to the state government.

“The only thing they will be required to do is a yearly profile update with the agency in case of any changes.”

The RG also stated that the commission is presently training staff to work 24 hours to meet the demand of the people.

Magaji said the registration for PoS operators will close by the 7th of July, 2024.