The government of President Bola Ahmed Tinubu has announced the Value Added Tax Direct Initiative to enable FG to collect taxes from the informal sector.
The statement was disclosed by the Federal Inland Revenue Service, FIRS, via its Twitter handle on Monday.
“A collaboration between FIRS and MATAN to promote awareness on VAT collection and remittance in the marketplace and informal sector, while simplifying VAT payment and remittance for the marketplace and informal sector using a purpose-built digital platform”.
“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, ” the statement added.
