PoS registration: You won’t pay monthly tax, CAC assures operators
The Registrar General of the Corporate Affairs Commission (CAC), Ishaq Magaji, (SAN), has assured Point of Sales (PoS) operators that they would not be remitting monthly taxes to authorities after their registration.
Magaji who stated this 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 the CAC recently directed PoS terminals whether as agents, merchants or individuals, to register with the agency before commencement of business.
Many PoS agents have been protesting the move, arguing that the registration would trigger negative impacts on their transactions and profits and force them out of operation.
“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,” Magaji said.
“The only thing they will be required to do is a yearly profile update with the agency in case of any changes,” he added.
The Registrar also stated that the commission was currently training staff to work 24 hours to meet the demands of the people.
Magaji said the registration for PoS operators would close on July 7, 2024.
