The Federal Government of Nigeria has announced its plans to start collecting VAT (value added tax) from all market traders known as the Market Traders Association of Nigeria (MATAN).
The Federal Inland Revenue Service (FIRS) revealed this in an official statement yesterday 4th of July.
"It is a collaboration between the FIRS and MATAN. market traders where MATAN promotes awareness of 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."
It was also stated that all market traders will possess identity cards which will contain their Tax Identification Number (TIN).
Overall, the initiative will boost revenue generation in all the three tiers of government and cater for the welfare of the citizens at large.
The Federal Inland Revenue Service (FIRS) revealed this in an official statement yesterday 4th of July.
"It is a collaboration between the FIRS and MATAN. market traders where MATAN promotes awareness of 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."
It was also stated that all market traders will possess identity cards which will contain their Tax Identification Number (TIN).
Overall, the initiative will boost revenue generation in all the three tiers of government and cater for the welfare of the citizens at large.