The 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.
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 FIRS is the agency responsible for collecting Valued Added Taxes in Nigeria and other revenues accruable to the FG.
The Market Traders Association of Nigeria, founded in 1995, in the statement revealed that it is the largest player in Nigeria’s informal market space with a membership of over 40 million
The FIRS noted that it is partnering with MATAN to collect and remit Valued Added Taxes from their members- especially those in the informal, adding:
