FG announces plans to collect VAT from market traders and informal sector

The VAT Direct Initiative, a plan to enable the Federal Government to collect Value Added Taxes from the Informal Sector and eliminate Multiple Taxation in the Informal Economy, was unveiled by the Federal Inland Revenue Service (FIRS).

The Federal Inland Revenue Service, made this known in a statement on Monday, noting that FIRS is partnering with the Market Traders Association of Nigeria to collect & remit VAT from their members especially those in the informal sector using a unified systems technology.

“This collaboration is known as VAT Direct Initiative,

“A collaboration between FIRS and MATAN where MATAN promotes awareness on VAT collection and remittance in the marketplace and informal sector, while also simplifying VAT payment and remittance for the marketplace and informal sector using a purpose-built digital platform.”

FG also, noted that the Market Traders Association of Nigeria, founded in (MATAN) has a digital platform that enumerates their members giving them a digital ID card and tracks their turnover so that VAT accrued is collected and remitted to the FIRS, adding.

“The Initiative is the first of its kind that will utilize technology to foster collaboration between the FIRS and the marketplace for the collection and remittance of VAT.

“This will also boost VAR revenue generation for the three tiers of government, which in turn means more money to fund infrastructure and social amenities.”

Chinyere Treasure Mbadiwe
Chinyere Treasure Mbadiwehttp://wakadaily.com
Chinyere Treasure Mbadiwe is the Co-founder and CEO of Wakadaily News. With a B.Sc. in Business Administration from the National Open University of Nigeria (NOUN), she brings a wealth of leadership and strategic expertise to the platform. Chinyere is passionate about delivering high-quality, engaging news that informs and empowers audiences. Her vision for Wakadaily is to create a space where reliable, diverse, and impactful content connects people and fosters informed conversations.

Popular Related

FG’s free train rides excite passengers

President Bola Tinubu has approved free train rides across the country from December 20, 2024, to January 5, 2025. The President made this announcement to...

Lagos mandates tax clearance for housing transactions

The Lagos State Government has mandated that tax clearance will now be an essential document for any housing transactions within the state to prevent...

CITN releases exam results

The Chartered Institute of Taxation of Nigeria, CITN has officially released the results of its October 2024 Diet Examination, marking a significant milestone in...

Tinubu plans to announce a new minimum wage on Workers’ Day

President Bola Tinubu might announce a new minimum wage on May 1, International Labour Day, with the implementation backdated to April. The National Minimum...

Entrepreneurs urge govt to create enabling SMEs environment

In line with development businesses in the society, Stakeholders and Small business owners urged the government to come up with a sustainable policy plan...

LIRS chairman receives honorary doctorate

The Executive Chairman, Lagos State Internal Revenue Service (LIRS), Mr. Ayodele Subair, has been conferred with a doctorate degree in Business Administration (honoris causa)...

Stop harassing IBEDC officials, MD begs customers

Following the recent increase in electricity tariff, Kingsley Achife, the Managing Director of Ibadan Electricity Distribution Company, has pleaded to customers of the utility...

NAMA says Strike didn’t hamper airway operations

The Nigerian Airspace Management Agency (NAMA), said the nation’s airspace remained open to flight operations despite the strike action embarked upon by the Nigerian...

Ogun Customs seize over N380m contraband in 23 days

The Ogun 1 Area command of Nigeria Customs Service (NCS),  revealed that it has intercepted contraband worth N380,370,911 within the last 23 days of...

Labour urges NERC, Discos to collapse bands

Following the recent increase in electricity tariff, the Nigeria Labour Congress and Trade Union Congress have called on the Nigerian Electricity Regulatory Commission (NERC)...