The FIRS will achieve this in partnership with the Market Traders Association of Nigeria using a unified systems technology
The Federal Inland Revenue Service has announced its plan to collect and remit Value Added Tax from traders, especially those in the informal sector.
According to Muhammad Nami, the FIRS chairman, a combined monitoring and evaluation team, comprising FIRS officers and MATAN members will be formed immediately. This, he said, will enable an adequate cover of all the essential areas of project operations, and ensure transparency and accountability. The VAT Direct Initiative is the first of its kind program that will utilise technology to foster collaboration between FIRS and the marketplace for the collection and remittance of VAT, the agency said.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FG partners market association to collect VAT from 40m traders | TheCableThe Federal Inland Revenue Service (FIRS) says it has partnered with the Market Traders Association of Nigeria (MATAN) for the easy collection of value-added tax (VAT) from its members — especially those in the informal sector.
Read more »
FG to collect VAT from market traders, othersThe Nigerian Government through the Federal Inland Revenue Service, has announced the VAT Direct Initiative, a scheme aimed towards enabling the government to collect Value Added Taxes from the informal sector and reduce multiple taxations in the informal economy.
Read more »
Tinubu-Led Nigerian Government To Commence Collection Of Taxes From Market Traders, Informal Workers | Sahara ReportersThe President Bola Tinubu-led Nigerian government is set to start collecting Value Added Taxes (VAT) from the informal sector, saying this would reduce multiple taxations in the informal economy. This was announced by the Federal Inland Revenue Service (FIRS) in a statement released on Monday while revealing that the government was partnering with the Market Traders Association of Nigeria (MATAN) to collect and remit VAT from their members especially those in the informal sector using a unified systems technology.
Read more »
Real estate sector paid N70bn VAT in five years – ReportValue Added Tax generated from the construction and real estate sector rose by 124 per cent from N10bn in 2018 to N22.45bn in 2022.
Read more »
The soaring stock market could drive Bitcoin's price to $47,000 and InQubeta (QUBE) to over 1000% growth in 2023The sudden surge in the stock market will influence the growth of many cryptocurrencies, positioning them for significant increases. The crypto market has experienced turbulent market conditions since the beginning of 2023, and Bitcoin (BTC) has had an underwhelming performance. As the crypto market pushes for a revival, investors are searching for the top cryptos to invest in for enormous returns.
Read more »
Tinubu govt announces plan to collect tax from market traders, informal sectorPresident Bola Ahmed Tinubu government has announced the Value Added Tax Direct Initiative to enable FG to collect taxes from the informal sector. The
Read more »