The FIRS is partnering with MATAN to collect and remit VAT from their members—especially those in the informal sector—using a unified systems technology.
is the agency of the Federal Government of Nigeria responsible for assessing, collecting and accounting for tax and other revenues accruable to the Federal Government and the Federation. The FIRS is responsible for the administration of Value Added Tax in Nigeria.
5. What is the VAT Direct Initiative ? It is a collaboration between the FIRS and MATAN where MATAN promotes awareness on VAT collection and remittance in the market place and informal sector, while also simplifying VAT payment and remittance for the market place and informal sector using a purpose-built digital platform.
8. Through this initiative the FIRS will help tackle multiple taxation in the market place through partnership with security agencies to curb the activities of touts, miscreants and self-imposed tax collectors involved in illegal tax collection in Nigeria’s market spaces. 11. The VAT Direct Initiative will have a monitoring and evaluation team comprising of FIRS officers and MATAN members to ensure transparency, accountability, prompt VAT remittance, sustained commitmentand reporting which are vital to build the public confidence in the initiative.1. Any business that has an annual turnover that falls below N25 million is exempt from registering or charging Value Added Tax but may choose to opt into the VDI to enjoy the benefits.
2. It will generate more revenue for the three tiers of government: This partnership will lead to more VAT revenue generated, which in turn means more money available to the Federal, State and Local Governments to provide infrastructure, social amenities, and cater to the welfare of citizens.
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