DailyrecordNg …Nigeria's hottest news blog
Related Articles
The FIRS is also planning to introduce Identity Cards that would help it identify tax payers.
The State-owned tax agency made the disclosure on Monday where it revealed that it has entered partnership with Market Traders Association of Nigeria (MATAN) under the VAT Direct Initiative (VDI).
“The FIRS is partnering with the Market Traders Association of Nigeria to collect & remit VAT from their members—especially those in the informal sector—using a unified systems technology,” FIRS said.
MATAN, founded in 1995, is the umbrella body for all trading associations in Nigeria.
MATAN has over 40 million traders across the country.
The development is part of the Bola Tinubu’s administration’s plans to expand Nigeria’s tax net.
FIRS explained that the VDI is a collaboration between the FIRS and MATAN where MATAN promotes awareness on VAT collection and remittance in the market place and informal sector.
The VDI also simplifies VAT payment and remittance in markets and informal sector using a purpose-built digital platform.
The FIRS said, “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.
“Through this initiative the FIRS will help tackle multiple taxation in the market place through partnership with security agencies to curb the activities of touts, miscreants and self-imposed tax collectors involved in illegal tax collection in Nigeria’s market spaces.
“The VAT Direct Initiative (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.
“MATAN members will each receive an Identity Card upon enumeration. This card contains their Tax Identification Number (TIN) and other personal details for tax purposes.”
