FG unveils plans to collect VAT from market traders, informal sector

The Nigerian Government through the Federal Inland Revenue Service, FIRS, on Monday unveiled plans to collect VAT from market traders.

FIRS in a statement published on its official Twitter page disclosed the plan to deploy VAT Direct Initiative, a scheme that would enable FG to collect Value Added Taxes from the informal sector and reduce multiple taxations in the informal economy.

The agency stated it 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.

The FIRS is the agency responsible for collecting Valued Added Taxes in Nigeria and other revenues accruable to the FG.