FG to collect VAT from market traders, others

The FIRS disclosed this in a statement on Monday. It stated that it would partner with the Market Traders Association of Nigeria to collect and remit VAT from its members, particularly those in the informal sector using a unified systems technology.

The statement partly read, “A collaboration between FIRS and MATAN where MATAN promotes awareness on VAT collection and remittance in the marketplace and informal sector, while also simplifying VAT payment and remittance for the marketplace and informal sector using a purpose-built digital platform.”

According to the FIRS, the scheme will help tackle multiple taxations in the marketplace through partnerships with security agencies to curb the activities of touts and self-imposed tax collectors.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: SaharaReporters - 🏆 9. / 63 Read more »