FG partners market association to collect VAT from 40m traders | TheCable

handle on Monday, the agency said the collaboration, also known as the VAT direct initiative , would be done through the use of a unified systems technology.The group is the largest player in Nigeria’s market space with a membership of well over 40 million traders across the country.

“MATAN has a digital platform which enumerates their members giving them a digital ID and tracks their turnover so that VAT accrued is collected and remitted to the FIRS,” the statement reads. The agency added that the VDI will boost VAT revenue generation for the three tiers of government, “which in turn means more money to fund infrastructure, provide social amenities and cater for the welfare of citizens”.

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.

FG to collect VAT from market traders, othersThe Nigerian Government through the Federal Inland Revenue Service, has announced the VAT Direct Initiative, a scheme aimed towards enabling the government to collect Value Added Taxes from the informal sector and reduce multiple taxations in the informal economy.
Source: MobilePunch - 🏆 8. / 63 Read more »