Business
Tinubu’s Government Announces Plan To Collect Tax From Market Traders, Informal Sector
The President Bola Ahmed Tinubu administration has announced plan to introduce VAT Direct Initiative.
The President Bola Ahmed Tinubu administration has announced plan to introduce VAT Direct Initiative, a scheme that would enable Federal Government to collect Value Added Taxes (VAT) from the informal sector and reduce multiple taxations in the informal economy.
VerseNews Nigeria reports that the Nigerian Government made this known through the Federal Inland Revenue Service (FIRS) in a statement on Monday afternoon.
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According to the statement, the FIRS is partnering with the Market Traders Association of Nigeria to collect and remit VAT from their members especially 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.
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