Tuesday, December 5, 2023

FG’s VAT initiative ’ll end multiple taxation, promote SMEs: FCT traders

Ms Nakorji said that the association would collaborate with FIRS in the execution of the initiative

• November 20, 2023
Federal Capital Territory Administration (FCTA)
Federal Capital Territory Administration (FCTA)

The Market Traders Association of Nigeria said the Federal Government’s Value Added Tax Direct Initiative will end multiple taxation and promote growth of Small and Medium Enterprises.

Chairperson of the association in the Federal Capital Territory,  Abuja, Hajiya Aisha Nakorji, who stated this in Abuja on Sunday, added that the initiative would also empower rural traders and artisans.

Ms Nakorji said during sensitisation of young entrepreneurs that the initiative was one of the best government initiatives to the people, particularly traders.

She explained that the VDI was introduced by the Federal Inland Revenue Service to collect and remit VAT from the association members, especially those in the informal sector using a unified systems technology.

Ms Nakorji said that the association would collaborate with FIRS in the execution of the initiative due to its widespread network in all the nooks and crannies of the country.

“Under the collaboration, MATAN will promote awareness on VAT collection and remittance in the marketplace and informal sector. The association will also simplify VAT payment and remittance for the marketplace and informal sector using a purpose-built digital platform.

“The digital platform enumerates the association members and provides a digital identification that tracks their turnover so that VAT accrued is collected and remitted to the FIRS.

“The initiative will remove all bottlenecks hampering businesses, particularly multiple taxation as one of our major challenges in the informal sector is not knowing who we are paying taxes to,” she said.

Ms Nakorji added that FIRS had cash and material rewards for members of the association and other businesses in the informal sector who would key into the initiative.

The chairperson further said that the association had sensitised traders in all the six area councils of the FCT to deepen understanding of the project among the rural population.

“We have taken this campaign to all the six area councils to educate critical stakeholders and the informal sector players who are supposed to be part of the initiative.

“The benefits are enormous. Through the initiative, the government is not just working to eliminate multiple taxation but also seeking to end poverty.

“I believe that this is a noble policy from President Bola Tinubu’s administration, and all stakeholders need to accept and promote it,” she added.


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