• About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, June 2, 2025
Daily Concord News
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

    At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

    Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

    Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

    Wale Edun Leads Call for Customs Reform to Unlock Regional Trade Potential

    Wale Edun Explains: “Borrowing is expected to Fund Strategic Projects, Not Inflate Debt Burden”

    Wale Edun Rallies Private Sector to Deliver ₦1.5 Trillion Highway Investments

    ICIEC Endorses Nigeria’s Infrastructure Drive, Commits to Enhanced Private Sector Participation

    Investor Confidence in Nigeria Deepens as Renaissance Capital Visits Finance Minister

    Wale Edun and Nigeria’s Economic Turnaround: A Case for Renewed Confidence

    How the Borno Governor, Prof. Babagana Zulum, Got It Wrong on Insecurity

    How the Borno Governor, Prof. Babagana Zulum, Got It Wrong on Insecurity

  • Politics
  • Business
  • Sports
  • Entertainment
    • All
    • Gaming

    Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

  • Tech
    NASENI Excited Over President Tinubu’s “Nigeria First Policy”

    NASENI, PICTT Restate Commitment to Promote Female Engineering with Launch of DELT-Her 2.0

    NASENI Champions the Made-in-Nigeria Products Drive in Kebbi State

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    DG NITDA Urges Computer Sciences Students to Drive ICT Innovation

    How To Apply For Bridge To MassChallenge Nigeria 2021

    How To Apply For Bridge To MassChallenge Nigeria 2021

    Trending Tags

  • Lifestyle
    • All
    • Culture
    • Food
    • Health
    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    The Unifying Factor of Culture

    Examining Arts as a Unifying Elements

    The Unifying Factor of Culture

    The Unifying Factor of Culture

    Senate President Greets Asiwaju Bola Tinubu @69

    Senate President Greets Asiwaju Bola Tinubu @69

    Trending Tags

  • Opinion
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • local
    • Nigeria
    • Science
    • World
    At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

    At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

    Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

    Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

    Wale Edun Leads Call for Customs Reform to Unlock Regional Trade Potential

    Wale Edun Explains: “Borrowing is expected to Fund Strategic Projects, Not Inflate Debt Burden”

    Wale Edun Rallies Private Sector to Deliver ₦1.5 Trillion Highway Investments

    ICIEC Endorses Nigeria’s Infrastructure Drive, Commits to Enhanced Private Sector Participation

    Investor Confidence in Nigeria Deepens as Renaissance Capital Visits Finance Minister

    Wale Edun and Nigeria’s Economic Turnaround: A Case for Renewed Confidence

    How the Borno Governor, Prof. Babagana Zulum, Got It Wrong on Insecurity

    How the Borno Governor, Prof. Babagana Zulum, Got It Wrong on Insecurity

  • Politics
  • Business
  • Sports
  • Entertainment
    • All
    • Gaming

    Timipre Sylva Inaugurates the National Gas Expansion Programme, Committee

  • Tech
    NASENI Excited Over President Tinubu’s “Nigeria First Policy”

    NASENI, PICTT Restate Commitment to Promote Female Engineering with Launch of DELT-Her 2.0

    NASENI Champions the Made-in-Nigeria Products Drive in Kebbi State

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    MTN and Globacom Avoid Disconnection as Debt Dispute Resolved

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    Kwik Launches On-Demand E-Commerce Fulfillment Service In Nigeria With KwikShelf

    DG NITDA Urges Computer Sciences Students to Drive ICT Innovation

    How To Apply For Bridge To MassChallenge Nigeria 2021

    How To Apply For Bridge To MassChallenge Nigeria 2021

    Trending Tags

  • Lifestyle
    • All
    • Culture
    • Food
    • Health
    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    Diary of a Naija Girl’s Ifedayo Agoro & Frank Itom Are Engaged!

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    At Avalanche Book Launch, Nigerians Call For More Resources On Mental Health And Trauma Management

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    Femi Odekunle; The Pains That Won’t Go! By Haruspice

    The Unifying Factor of Culture

    Examining Arts as a Unifying Elements

    The Unifying Factor of Culture

    The Unifying Factor of Culture

    Senate President Greets Asiwaju Bola Tinubu @69

    Senate President Greets Asiwaju Bola Tinubu @69

    Trending Tags

  • Opinion
No Result
View All Result
Daily Concord News
No Result
View All Result
Home Business

Multiple Taxation: FIRS Partners With Informal Sector For VAT Remittance

Tunde Abiola by Tunde Abiola
June 22, 2023
in Business
0
FIRS Partners With Informal Sector
0
SHARES
19
VIEWS
Share on FacebookShare on Twitter

The Federal Inland Revenue Service (FIRS) has partnered with the Market Traders Association of Nigeria (MATAN) to collect and remit Value Added Tax (VAT) to the FIRS from the country’s markets, especially in the informal sector.

The Association which has a membership of well over 40 million traders across the country’s 774 local governments, and 36 States plus the Federal Capital Territory is the biggest player in Nigeria’s market space.

The details of the FIRS’ partnership with MATAN was disclosed yesterday at a Stakeholders Engagement Programme on the VAT DIRECT Initiative, held in Lagos State. The partnership will see the FIRS collaborating with the association to deploy technology to enumerate traders for collecting and remitting VAT to the Service, consequently leading to an expansion of the tax net and increased revenue for the Federation.

The VAT DIRECT Initiative (VDI) is a program designed to foster collaboration between the FIRS and the market place, especially the informal sector, in the collection and remittance of the Value Added Tax (VAT) using technology.

Speaking during the Stakeholder Engagement, Mr. Muhammad Nami, Executive Chairman FIRS highlighted that the initiative was the first of its kind, and that it was crucial to revenue generation and also to eliminating multiple taxation, especially from the informal sector.

The Executive Chairman, FIRS who is also the Chairman of the Joint Tax Board (JTB) further stated that the government is worried about the multiplicity of taxes, and that the Service and JTB were working on various modalities of addressing this challenge and that this partnership has laid a very good foundation for the government to address the issue of multiple taxation and extortion by tax officials, tax agents and touts in the market place.

He further noted that the Service would collaborate with security agencies, especially the Nigeria Police, to deal with illegal tax collection by touts in markets.

“One important area of our collaboration is the issue of providing adequate security in the markets. We are aware of the challenges that you have faced in the past with miscreants, self-imposed tax collection agents, and touts.

“I want to assure you that as part of this initiative, we will be collaborating with the relevant security agencies particularly the Nigeria Police Force to tackle all forms of touting and illegal tax collection by miscreants and keep them away from your markets.”

Mr. Nami further noted that the success of this collaboration would lead to increased revenue for the country, and in turn provide government the needed resources to fund infrastructure and other social amenities.

“The successful outcome of this collaboration and additional revenue accruable will have multiplier effects on all sectors of the economy as the government will have more revenue to provide the needed social amenities and infrastructure in critical sectors.

“An improved VAT collection will improve the revenue base of the States and Local Governments at the sub-national level and the citizens will be the ultimate beneficiaries.

“This initiative is very important to the government, particularly at this moment of dwindling revenues from the petroleum sector and therefore, requires that we put all hands on deck and optimally explore all available opportunities.

“The administration of VAT in the informal sector is characterized mainly by a low level of compliance and a lack of awareness in terms of obligation and liability. It, therefore, becomes necessary to leverage the MATAN platform to positively change the status quo,” Mr. Nami stated.

He also noted that to ensure transparency and accountability of the project operations, a combined monitoring and evaluation team comprising both organisations would be formed.

During the Stakeholder Engagement, the Executive Chairman, FIRS also unveiled an Identity Card that is to be given to each trader upon enumeration; the card contains their tax identification number and other personal details.

The VAT Direct Initiative Stakeholder Engagement was attended by the Secretary of the Joint Tax Board, representatives from Deposit Money Banks, Iyalojas of Markets across the country, members of various trade clusters, representatives from all major markets across the country, as well as officers of the Federal Inland Revenue Service.

Tags: FIRSMATAN
Previous Post

PUBLIC NOTICE ON ENACTMENT OF FINANCE ACT, 2023

Next Post

2023 Hajj: Sen. Mustapha Urges Kwara Pilgrims To Be Good Ambassadors

Tunde Abiola

Tunde Abiola

Next Post
2023 Hajj: Sen. Mustapha Urges Kwara Pilgrims To Be Good Ambassadors

2023 Hajj: Sen. Mustapha Urges Kwara Pilgrims To Be Good Ambassadors

  • Trending
  • Comments
  • Latest

NIN-SIM Linkage: A Kidnappers’ Bogeyman On The Roll?

April 5, 2024 - Updated on February 9, 2025

How Atiku’s Lawyer’s Travelled To Cambridge To Confirm Buhari’s Certificate – And The Disappointment That Followed

September 6, 2019 - Updated on February 9, 2025

Vanguard Apologizes To Professor Osinbajo Over Fake News, Retracts Story

September 25, 2019 - Updated on February 9, 2025

I Will Waive my Constitutional Immunity to Clear my Name – Osinbajo

September 25, 2019 - Updated on February 9, 2025
Nigeria

Lest We Forget: Security Issues in Nigeria from 1999 to Date!

0
ISHA SESAY: A GOOD BOOK ON CHIBOK, HAMPERED BY MISREPRESENTATIONS

ISHA SESAY: A GOOD BOOK ON CHIBOK, HAMPERED BY MISREPRESENTATIONS

0
Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

Ministerial list: Nigerians react to Buhari’s nomination of Akpabio, Keyamo, Saraki, others

0
Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

Channels TV Reporter Precious Owolabi Shot During Shiite, Police Clash Is Dead

0
Why I Share in Wale Edun’s Optimism On The Nigerian Economy

Moody’s Upgrades Nigeria’s Credit Rating Amid Reform Gains, Investor Confidence Grows

June 2, 2025
Beyond the Policy: How NASENI is Powering the Nigeria First Movement

Beyond the Policy: How NASENI is Powering the Nigeria First Movement

June 1, 2025
At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

May 29, 2025
Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

May 29, 2025

Recent News

Why I Share in Wale Edun’s Optimism On The Nigerian Economy

Moody’s Upgrades Nigeria’s Credit Rating Amid Reform Gains, Investor Confidence Grows

June 2, 2025
Beyond the Policy: How NASENI is Powering the Nigeria First Movement

Beyond the Policy: How NASENI is Powering the Nigeria First Movement

June 1, 2025
At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

At ECOWAS’ 50th Anniversary, Amb. Yusuf Tuggar calls for Regional Unity and Peace

May 29, 2025
Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

Amnesty International’s Report: A Fictional Drama Masquerading as Human Rights Work

May 29, 2025
Daily Concord News

Bringing the most intriguing News from around the world you everyone in a positive way

Follow Us

Browse by Category

  • Africa
  • Basketball
  • Business
  • Culture
  • Economy
  • Education
  • Food
  • Football
  • Foreign Affairs
  • Gaming
  • Health
  • Health
  • Interviews
  • Lifestyle
  • local
  • News
  • Nigeria
  • Opinion
  • Politics
  • Science
  • Security
  • Sports
  • Tech
  • Uncategorized
  • World

Recent News

Why I Share in Wale Edun’s Optimism On The Nigerian Economy

Moody’s Upgrades Nigeria’s Credit Rating Amid Reform Gains, Investor Confidence Grows

June 2, 2025
Beyond the Policy: How NASENI is Powering the Nigeria First Movement

Beyond the Policy: How NASENI is Powering the Nigeria First Movement

June 1, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Daily Concord News - All Rights Reserved.

No Result
View All Result

© 2025 Daily Concord News - All Rights Reserved.