- The Market Traders Association of Nigeria (MATAN) and the Federal Inland Revenue Service (FIRS) are partnering on a new scheme called ‘VAT Direct Initiative’ to ease the collection of Value Added Tax (VAT) from the informal sector.
- The scheme aims to reduce multiple taxation within the informal economy and promote VAT awareness.
- MATAN members will receive an ID card with their Tax Identification Number to track VAT accrued from their businesses and facilitate its collection and remittance to FIRS.
- The implementation of the VAT Direct Initiative is expected to increase VAT revenue generation for all tiers of government and fund infrastructure development and improve social amenities.
- The initiative is praised by the Importers Association of Nigeria (IMAN) and the Joint Tax Board for its potential to simplify tax payment processes and improve record-keeping in the informal sector.
Source: thenationonlineng.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
