The Federal Inland Revenue Service (FIRS) is partnering with the Market Traders Association of Nigeria (MATAN) to collect and remit Value Added Tax (VAT) from their members—especially those in the informal sector—using a unified systems technology.
This collaboration is known as the VAT Direct Initiative.
Muhammad Nami, Executive Chairman, FIRS, stated that given the strength of MATAN with well over Forty Million members and the biggest player in the market space across all 774 local governments and 37 states of the federation and FCT, it is a mix of the formal and informal business community made up of manufacturers, wholesalers, retailers, importers, exporters and other sectors such as; hospitality, entertainment, beauty shops, haulage, among several others.
“This collaboration between the FIRS and MATAN is our collective contribution to national development and nation-building. We must collectively see to its seamless implementation and abide by the terms of our MoU, especially in the area of transparency and reporting. This will help to build public confidence and trust in the project”- Muhammad Nami, Executive Chairman, FIRS, said on Monday at the FIRS Stakeholder Engagement with Market Traders Association of Nigeria (MATAN) on the VAT Direct Initiative.
“In order to adequately cover all the essential areas of project operations, and to ensure transparency and accountability, a combined monitoring and evaluation team, comprising FIRS officers and MATAN members will be formed immediately.
“This team would also be saddled with the responsibility of ensuring that VAT remittance is promptly done under the agreed platform”,the Executive Chairman, FIRS said.
“We are convinced that the VAT Direct Initiative which is technology driven, has the potential to enable us deliver on our aims and objectives as contained in the MoU.
