Stats: 3,189,886 members, 7,938,622 topics. Date: Tuesday, 03 September 2024 at 10:05 AM |
Nairaland Forum / Nairaland / General / Politics / FG Announces Plans To Collect VAT From Market Traders, Informal Sector (1563 Views)
FG Loses Out, NASS Affirms States’ Power To Collect VAT / Appeal Court Ruling: Rivers, Lagos Free To Collect VAT – SANs / FG Removes VAT From Cooking Gas. Price To Crash (2) (3) (4)
(1) (Go Down)
FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Freethinker87: 9:45pm On Jul 03, 2023 |
The Nigerian Government through the Federal Inland Revenue Service, FIRS, announced the 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 FIRS disclosed this in a statement on Monday afternoon, stating that it FIRS 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. MATAN 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: “This collaboration is known as VAT Direct Initiative, “A collaboration between FIRS and MATAN where MATAN promotes 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. Digital scheme They also noted that MATAN has a digital platform that enumerates their members giving them a digital ID card and tracks their turnover so that VAT accrued is collected and remitted to the FIRS, adding: “The Initiative is the first of its kind that will utilize technology to foster collaboration between the FIRS and the marketplace for the collection and remittance of VAT. FIRS says this will help tackle multiple taxations in the marketplace through partnerships with security agencies to curb the activities of touts and self-imposed tax collectors. “This will also boost VAR revenue generation for the three tiers of government, which in turn means more money to fund infrastructure and social amenities.” MATAN members will each receive an ID card upon enumeration, which would contain their Tax Identification Number and other personal details. What you should know Nigeria’s Value Added Tax (VAT) increased by 1.75% on a quarter-on-quarter basis, reaching N709.59 billion in Q1 2023. The manufacturing sector accounted for the largest share of VAT collection in Q1 2023 at 29.65%. Information and communication followed with a share of 19.29%, while mining & quarrying contributed 12.24% to VAT collection during the same period. Source: https://nairametrics.com/2023/07/03/fg-announces-plans-to-collect-vat-from-market-traders-informal-sector/ |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Igwe9(m): 9:48pm On Jul 03, 2023 |
One promised to take us from consumption to production and the other promised to widen the tax regime, Agbado over to you 18 Likes 5 Shares |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by lordm(m): 9:52pm On Jul 03, 2023 |
Come and take na. Easier said than done 5 Likes |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by misano(m): 9:54pm On Jul 03, 2023 |
See how fast Tinubu is when comes to implementing taxes. If he used that same speed to start implementing policies that will pull people out of poverty it would have been good. I will say it here. Tinubu has nothing good to offer Nigerians. 20 Likes 2 Shares |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by freemanq(m): 9:58pm On Jul 03, 2023 |
Tax same person Apc government nearly killed with poor governance, while tax them again? 2 Likes |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Freethinker87: 9:58pm On Jul 03, 2023 |
This order simply means that petty traders, hawkers and artisans will be captured in Tinubu's tax net. Not even the poor living below the poverty line will be exempted. ![]() ![]() May this VAT favour me and my family. 8 Likes 1 Share |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by obi4eze(m): 10:02pm On Jul 03, 2023 |
![]() ![]() ![]() Tinubu boys said you people should make sacrifices. Shege reloaded go reset their brain by force. 1 Like |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Freethinker87: 10:03pm On Jul 03, 2023 |
lordm: It be like say agbero never beat you before. You think say na gentlemen dey come collect Tax under Tinubu regime. Go ask those wey experience Tinubu administration for Lagos make dem tell you. 1 Like |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Dragnet007: 10:03pm On Jul 03, 2023 |
This tax will favour me and my family. Walai Tinubu is a yahoo boy. 3 Likes |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by LeeSantos(m): 10:03pm On Jul 03, 2023 |
Watching how it unfolds |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Freethinker87: 10:06pm On Jul 03, 2023 |
freemanq: I thought people were praising Tinubu for increasing the IGR of Lagos State. How else do you intend for him to increase IGR if not taxes? |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Rotiix(m): 10:22pm On Jul 03, 2023 |
May this VAT favor me and my family ![]() 2 Likes |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by budaatum: 10:54pm On Jul 03, 2023 |
I pray they apply this VAT Direct Initiative to agberos. And someday to police checkpoints and lastma. Amen. 3 Likes |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Brendaniel: 11:36pm On Jul 03, 2023 |
I laugh when some people talk about Tinubu transforming Lagos, anybody that witnessed Tinubu's 8 years of governorship, it was all about party, political jamboree and night shift coliseum with Osoba of Ogun state, Lagos was a tight dust bin throughout his tenure while increasing tax in the state. I'm just laughing at people who have been deceived Anyway, the taxation will favour me and my family 20 Likes |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Cloudflare: 11:40pm On Jul 03, 2023 |
Damn! This govt will favour me and my family crew, where are you? 3 Likes |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Freethinker87: 12:14am On Jul 04, 2023 |
Brendaniel: If the market women can't pay VAT they should go back to their village. May this tax favour me and my family. 3 Likes 1 Share |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Oghighirhighi: 12:37am On Jul 04, 2023 |
This Tinubu of a dreamer is pushing his luck too far. This was how they started the Treasury Single Account only for the accountant general of the federation to share it like sallah meat with his cronies. When you have lost your track and continue on that path, you are going to get lost without coming back. Our founding parents knew that Federalism is the only way for our kind of country, but they want to do bizarre experiments like this attempt. The end of all this would be a total cave in. Adieu Nigeria. 7 Likes 2 Shares |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by ratiani6: 12:39am On Jul 04, 2023 |
Tinubu wan use tax finish everybody 3 Likes |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by gare(f): 3:57am On Jul 04, 2023 |
misano: Are you just finding out? he would come to increase tax with nothing to show for it, with all the Tax collected from Lagos tell me what the governor is doing with it. 2 Likes 1 Share |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by nedu666: 4:03am On Jul 04, 2023 |
Freethinker87: Market women can pay tax after which they will add the tax to the prices of goods. If u ask them why, they will tell you na fed govt tax cause am. |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by ezegold4we: 4:33am On Jul 04, 2023 |
U guys should brace up, by the time tinubu is done, even all his e-rats especially on this nairaland will be shading secret tear's in their closet, When we rejected buhari in 2015, they tagged it hatred, When we told them Tinubu has nothing to offer, they tagged us IPOB, We are Just watching in 3D glass. 6 Likes 1 Share |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Nice2023(m): 5:05am On Jul 04, 2023 |
Igwe9: And he concluded that he would reduced the purchasing power of the people. Abi them no understand the am then. 1 Like |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by orisa37: 5:11am On Jul 04, 2023 |
NO. LET THE STATES REVENUE TAX SERVICES HANDLE VATS AND PAY 10% OF THEIR COLLECTIONS TO FEDERAL GOVERNMENT. |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Godfullsam(m): 5:27am On Jul 04, 2023 |
Tinubu is collecting from everyone left right and center. You all must pay! 1 Like |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by seniorgozman(m): 5:30am On Jul 04, 2023 |
Na to jakpa |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by collins011(m): 6:35am On Jul 04, 2023 |
Can somebody tell Tinubu to tax the extreme rich people, increase property tax, private jet and luxurious car owners and reduce jumbo salaries package for National Assembly member. Tinubu should let the poor breath na Tinubu 3 Likes |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by worksmart(m): 6:45am On Jul 04, 2023 |
Are you missing PMB yet? |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by worksmart(m): 6:46am On Jul 04, 2023 |
Everyone except the wealthy ![]() Godfullsam: 1 Like |
Re: FG Announces Plans To Collect VAT From Market Traders, Informal Sector by Mynd44: 6:54am On Jul 04, 2023 |
(1)
Election Tribunal: I Have Been Having This Feeling That Tinubu Will Win The Case / Invading Niger Is Declaring War On Northern Nigeria - El-Rufai Warns Tinubu / BAT2023: Breaking News!!!
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 40 |