Tinubu's government says that Nigerian market sellers and others will have to pay taxes. The Nigerian government, which is run by Bola A...
Tinubu's government says that Nigerian market sellers and others will have to pay taxes.
The Nigerian government, which is run by Bola Ahmed Tinubu, has said that street vendors, artists, and other people who work in the unorganized sector will have to pay taxes.
In a speech made on July 3, 2023, Mohammed Nami, who is the Executive Chairman of the Federal Inland Revenue Service (FIRS), said this.
People say that taxing the informal sector encourages good government and political accountability by making sure that the informal sector has the right to ask for the same services as the taxed official sector.
He said that the FIRS is working with the Market Traders Association of Nigeria (MATAN) to use unified systems technology to gather and send back VAT from their members, especially those in the informal sector.
The FIRS is in charge of collecting Value-Added Taxes and other money that belongs to the FG in Nigeria.
The Market Traders Association of Nigeria, which was started in 1995, said in a statement that it has more than 40 million members and is the biggest player in Nigeria's private market space.
The FIRS said that it is working with MATAN to gather and send Value-Added Taxes from their members, especially those in the informal sector.
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"This group working together is called the VAT Direct Initiative.
"A partnership between FIRS and MATAN, in which MATAN raises knowledge about VAT collection and remittance in the marketplace and informal sector, and also makes it easier for people in the marketplace and informal sector to pay VAT and send it back to the government by using a digital platform made just for that purpose.
They also said that MATAN has a digital platform that lists its users, gives them a digital ID card, and keeps track of their sales so that VAT is collected and sent to the FIRS.
"The Initiative is the first of its kind, and it will use technology to help the FIRS and the market work together to collect and send back VAT.
FIRS says this will help get rid of various taxes in the market by working with security agencies to stop touts and people who collect taxes on their own.This will also increase the three levels of government's VAR income, which means they will have more money to spend on building and social amenities.
At the time of counting, each MATAN member will get an ID card with their Tax Identification Number and other personal information.
Remember that Nigeria's Value-Added-Tax (VAT) went up by 1.75 percent from one quarter to the next, hitting N709.59 billion in the first quarter of 2023.
In the first quarter of 2023, 29.65% of the VAT money came from the factory sector.
Information and communication came in second with 19.29%, and mining and quarrying brought in 12.24% during the same time period.
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