Business
FG announces plan to collect VAT from market traders, informal sector
The Federal Inland Revenue Service (FIRS) says it has partnered with the Market Traders Association of Nigeria (MATAN) for the easy collection of value-added tax (VAT) from its members — especially those in the informal sector.
In a statement issued via its official Twitter, handle on Monday, the agency said the collaboration, also known as the VAT direct initiative (VDI), would be done through the use of a unified systems technology. MATAN is the umbrella body for all trading associations in Nigeria founded in 1995.
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The group is the largest player in Nigeria’s market space with a membership of well over 40 million traders across the country.
FIRS said through the initiative, MATAN is expected to “promote 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”.
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