The Federal Inland Revenue Service (FIRS) has partnered with the Market Traders Association of Nigeria (MATAN) to collect...
The Federal Inland Revenue Service has partnered with the Market Traders Association of Nigeria to collect and remit Value Added Tax to the FIRS from the country’s markets, especially in the informal sector.
The VAT DIRECT Initiative is a program designed to foster collaboration between the FIRS and the market place, especially the informal sector, in the collection and remittance of the Value Added Tax using technology. The Executive Chairman, FIRS who is also the Chairman of the Joint Tax Board further stated that the government is worried about the multiplicity of taxes, and that the Service and JTB were working on various modalities of addressing this challenge and that this partnership has laid a very good foundation for the government to address the issue of multiple taxation and extortion by tax officials, tax agents and touts in the market place.
“One important area of our collaboration is the issue of providing adequate security in the markets. We are aware of the challenges that you have faced in the past with miscreants, self-imposed tax collection agents, and touts. “The successful outcome of this collaboration and additional revenue accruable will have multiplier effects on all sectors of the economy as the government will have more revenue to provide the needed social amenities and infrastructure in critical sectors.
“The administration of VAT in the informal sector is characterized mainly by a low level of compliance and a lack of awareness in terms of obligation and liability. It, therefore, becomes necessary to leverage the MATAN platform to positively change the status quo,” Mr. Nami stated.
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