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VAT collection and remittance in the marketplace.

The Market Traders Association of Nigeria (MATAN) has lauded the Federal Government’s Value Added Tax Direct Initiative (VDI), citing it as a measure to eliminate multiple taxation and foster Small and Medium Enterprises’ (SMEs) growth.

Hajiya Aisha Nakorji, the Chairperson of MATAN in the Federal Capital Territory (FCT), Abuja, conveyed the association’s support for the initiative during a sensitization program for young entrepreneurs in Abuja on Sunday. Nakorji highlighted the VDI’s potential to empower rural traders and artisans.

She described the VDI as among the government’s most beneficial initiatives, especially for traders, underscoring its introduction by the Federal Inland Revenue Service (FIRS) to streamline Value Added Tax (VAT) collection and remittance from MATAN members within the informal sector. This process is set to be facilitated using unified systems technology.

Nakorji emphasized MATAN’s collaboration with FIRS to execute this initiative, leveraging the association’s extensive network across the nation, reaching every corner and aspect of the country.

“In our partnership with FIRS, MATAN aims to create awareness regarding VAT collection and remittance in the marketplace and informal sector,” Nakorji explained.

She further outlined the plan to simplify VAT payment and remittance through a purpose-built digital platform, digitally identifying association members to track their turnovers. This digital system aims to ensure accurate VAT collection and remittance to FIRS.

“This initiative will address the challenge of multiple taxation, a major hurdle faced by businesses in the informal sector. Often, we are uncertain about whom we are paying taxes to,” Nakorji emphasized.

Highlighting FIRS incentives, Nakorji mentioned cash and material rewards for MATAN members and other informal sector businesses endorsing the initiative.

The association has actively undertaken awareness campaigns in all six Area Councils of the FCT, aiming to deepen understanding of the project among the rural population.

“We’ve extended this campaign to engage stakeholders and key players in the informal sector who stand to benefit from the initiative,” Nakorji stated, emphasizing its potential to alleviate poverty and improve the economic landscape.

Nakorji commended President Bola Tinubu’s administration for the initiative, urging stakeholders to embrace and support this noble policy aimed at streamlining taxation and fostering economic development.

Sunday Abiodun is a lifestyle Blogger on AbujaBuzz and a tech savvy, an Undergraduate in the University, Kwara State. Sunday Abiodun loves to write and acquire more knowledge.

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