- The Federal Inland Revenue Service (FIRS) is implementing the Integrated Market Revenue Management System (IMRMS) to widen the scope of its Value Added Tax (VAT) collection.
- The IMRMS platform aims to capture the informal sector, particularly market traders, in the government’s tax net.
- FIRS is partnering with the Market Traders Association of Nigeria (MATAN) to collect and remit VAT from traders using the IMRMS platform.
- This collaboration is part of the VAT Direct Initiative (VDI) to expand the government’s tax base.
- MATAN will digitally enumerate its members, track their turnover, and collect and remit VAT to FIRS.
- The initiative aims to tackle multiple taxation and illegal tax collection in Nigeria’s market spaces.
- The FIRS estimates that collecting VAT from over 40 million traders will provide basic amenities in marketplaces.
- Market leaders are urged to sensitize their members to ensure they are captured for the VDI.
- Registered traders will benefit from health insurance, micro pension, general insurance cover, business loans and grants, social amenities in marketplaces, and free legal services.
Source: blueprint.ng
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.
