Nigeria to introduce VAT direct initiative for the informal sector to tackle multiple taxations

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Published (Updated) on Monday, July 3, 2023

Nigeria's Federal Inland Revenue Service (FIRS) has announced the introduction of the VAT Direct Initiative, a scheme aimed at collecting value added tax from the country's informal sector.

The FIRS said, it will partner with the Market Traders Association of Nigeria to utilise unified systems technology to remit tax from the informal market.

According to FIRS, the collaboration will help to tackle multiple taxations in the marketplace through security agencies and ensure VAT revenue generation for infrastructure and social amenities.

However, concerns have been raised over the difficulty in introducing VAT to sectors that are already subject to production-specific taxes.

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