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Tinubu-Led Nigerian Government To Commence Collection Of Taxes From Market Traders, Informal Workers | Sahara Reporters

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The 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.

July 3, 2023The President Bola Tinubu-led Nigerian government is set to start collecting Value Added Taxes from the informal sector, saying this would reduce multiple taxations in the informal economy.

It was learned further that the partnership between FIRS and MATAN was termed as VAT Direct Initiative, 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.

The statement reads “The Initiative is the first of its kind that will utilize technology to foster collaboration between the FIRS and the marketplace for the collection and remittance of VAT.” “This will also boost VAR revenue generation for the three tiers of government, which in turn means more money to fund infrastructure and social amenities,” the statement added.

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