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FIRS Confirms the Exemption of Bureau De Change Operators from VAT by the Finance Act, 2020
The Federal Inland Revenue Service (“FIRS”), in a letter dated 10 August 2021, addressed to the Association of Bureau De Change, confirmed that Bureau De Change (BDC) operators are not liable to charge Value Added Tax (VAT) on the sale of Foreign Exchange (Forex) with effect from 1, January 2021.
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