The Federal Inland Revenue Service (FIRS) on Thursday, officially initiated the implementation of the Integrated Market Revenue Management System (IMRMS) to bring the informal sector, specifically market traders, into the federal government's tax framework.

To kick start the process, the traders' enumeration commenced in Abuja on Thursday, December 21.

This purpose-built digital platform aims to capture and formalize the tax contributions of market traders across Nigeria.

In collaboration with the Market Traders Association of Nigeria (MATAN), which represents over 40 million traders nationwide, FIRS has introduced the VAT Direct Initiative (VDI).

The partnership seeks to collect and remit Value Added Tax (VAT) from traders in the marketplace through the IMRMS platform.

The VDI involves:
The digital enumeration of MATAN members.
Granting them digital identities.
Monitoring their turnover to facilitate the collection and remittance of VAT to FIRS.
The move aligns with the government's strategy to expand the tax base, ensuring more comprehensive revenue collection.

One of the key objectives is to address issues of multiple taxation in marketplaces.

Speaking to journalists on the sidelines of the event, Ambassador Olakunle Johnson Moses, chairman of the steering project committee on VAT Direct Initiative, said:

''The importance of this drive is that the informal sector is going to experience good governance and changes because they have been suffering from multiple taxation and extortion by touts in the marketplaces and the roadside.

''What this programme will do for them is that they are going to be enumerated; through this enumeration, they are going to have a multi-purpose ID card; through this ID card, their benefits are going to be tied to the multi-purpose ID card.

''These benefits include free legal services, non-interest loans, insurance, and everything else that this country has denied them before.

''But, with this initiative, all their rights will come to reality. And again, this initiative will boost the internally generated revenue of the three tiers of government.''

On his part, Mr Adebayo Adefeogbe, acting director of VAT FIRS, emphasized that the initiative would provide coordinated access to almost 70% of untaxed revenue in the informal sector.

Moses Ige, MATAN's National Coordinator of Incentives, called upon market leaders to sensitize their association members, ensuring their participation in the VAT Direct Initiative (VDI).

He said: ''Those in the public service constitute about 20% of the adult population; they enjoy free health insurance cover, they enjoy pension and other incentives because they are public services, but now the remaining 80% will be enjoying all these services through MATAN.

''That makes VDI a landmark achievement for this government. We might not see it now until the implementation becomes a reality. All of us are going to enjoy and smile at the end of the day.

''Not only are we talking about taxation, which will bring more money to provide infrastructure, other services, and the dividends of democracy, but we are also talking about giving directly - the government giving back to the people.''

https://www.legit.ng/business-economy/economy/1570080-firs-launches-digital-initiative-include-informal-sector-nigerias-tax-net

Imagine

Well, in organized societies, all productive forces are brought under the tax net and the revenue collected is well accounted for and transparently spent. The Nigerian government wants to collect tax like it's done in sane societies, but will the government spend and account for that money like it's done in sane societies??

We are waiting for them..... Dem go see real shege this time.

Tinubu the premium tax collector

2024 go hot o, may God help us[font=Lucida Sans Unicode][/font]

The federal, state and local government should cut down on the cost of governance and they will have enough revenue for development and infrastructure provision.

There will be less desire for taxing market women and all that.

Build and maintain your aging refineries and try to cut down on wastages and stealing of public funds, elephants project etc

Another round of extortion. FG is overestimating its luck if it stoops as low as trying to tax the informal sector.

ogugwa1992:


The Federal Inland Revenue Service (FIRS) on Thursday, officially initiated the implementation of the Integrated Market Revenue Management System (IMRMS) to bring the informal sector, specifically market traders, into the federal government's tax framework.

To kick start the process, the traders' enumeration commenced in Abuja on Thursday, December 21.

This purpose-built digital platform aims to capture and formalize the tax contributions of market traders across Nigeria.

In collaboration with the Market Traders Association of Nigeria (MATAN), which represents over 40 million traders nationwide, FIRS has introduced the VAT Direct Initiative (VDI).

The partnership seeks to collect and remit Value Added Tax (VAT) from traders in the marketplace through the IMRMS platform.

The VDI involves:
The digital enumeration of MATAN members.
Granting them digital identities.
Monitoring their turnover to facilitate the collection and remittance of VAT to FIRS.
The move aligns with the government's strategy to expand the tax base, ensuring more comprehensive revenue collection.

One of the key objectives is to address issues of multiple taxation in marketplaces.

Speaking to journalists on the sidelines of the event, Ambassador Olakunle Johnson Moses, chairman of the steering project committee on VAT Direct Initiative, said:

''The importance of this drive is that the informal sector is going to experience good governance and changes because they have been suffering from multiple taxation and extortion by touts in the marketplaces and the roadside.

''What this programme will do for them is that they are going to be enumerated; through this enumeration, they are going to have a multi-purpose ID card; through this ID card, their benefits are going to be tied to the multi-purpose ID card.

''These benefits include free legal services, non-interest loans, insurance, and everything else that this country has denied them before.

''But, with this initiative, all their rights will come to reality. And again, this initiative will boost the internally generated revenue of the three tiers of government.''

On his part, Mr Adebayo Adefeogbe, acting director of VAT FIRS, emphasized that the initiative would provide coordinated access to almost 70% of untaxed revenue in the informal sector.

Moses Ige, MATAN's National Coordinator of Incentives, called upon market leaders to sensitize their association members, ensuring their participation in the VAT Direct Initiative (VDI).

He said: ''Those in the public service constitute about 20% of the adult population; they enjoy free health insurance cover, they enjoy pension and other incentives because they are public services, but now the remaining 80% will be enjoying all these services through MATAN.

''That makes VDI a landmark achievement for this government. We might not see it now until the implementation becomes a reality. All of us are going to enjoy and smile at the end of the day.

''Not only are we talking about taxation, which will bring more money to provide infrastructure, other services, and the dividends of democracy, but we are also talking about giving directly - the government giving back to the people.''

https://www.legit.ng/business-economy/economy/1570080-firs-launches-digital-initiative-include-informal-sector-nigerias-tax-net

a platform to collect and not to give back

ogugwa1992:


The Federal Inland Revenue Service (FIRS) on Thursday, officially initiated the implementation of the Integrated Market Revenue Management System (IMRMS) to bring the informal sector, specifically market traders, into the federal government's tax framework.

To kick start the process, the traders' enumeration commenced in Abuja on Thursday, December 21.

This purpose-built digital platform aims to capture and formalize the tax contributions of market traders across Nigeria.

In collaboration with the Market Traders Association of Nigeria (MATAN), which represents over 40 million traders nationwide, FIRS has introduced the VAT Direct Initiative (VDI).

The partnership seeks to collect and remit Value Added Tax (VAT) from traders in the marketplace through the IMRMS platform.

The VDI involves:
The digital enumeration of MATAN members.
Granting them digital identities.
Monitoring their turnover to facilitate the collection and remittance of VAT to FIRS.
The move aligns with the government's strategy to expand the tax base, ensuring more comprehensive revenue collection.

One of the key objectives is to address issues of multiple taxation in marketplaces.

Speaking to journalists on the sidelines of the event, Ambassador Olakunle Johnson Moses, chairman of the steering project committee on VAT Direct Initiative, said:

''The importance of this drive is that the informal sector is going to experience good governance and changes because they have been suffering from multiple taxation and extortion by touts in the marketplaces and the roadside.

''What this programme will do for them is that they are going to be enumerated; through this enumeration, they are going to have a multi-purpose ID card; through this ID card, their benefits are going to be tied to the multi-purpose ID card.

''These benefits include free legal services, non-interest loans, insurance, and everything else that this country has denied them before.

''But, with this initiative, all their rights will come to reality. And again, this initiative will boost the internally generated revenue of the three tiers of government.''

On his part, Mr Adebayo Adefeogbe, acting director of VAT FIRS, emphasized that the initiative would provide coordinated access to almost 70% of untaxed revenue in the informal sector.

Moses Ige, MATAN's National Coordinator of Incentives, called upon market leaders to sensitize their association members, ensuring their participation in the VAT Direct Initiative (VDI).

He said: ''Those in the public service constitute about 20% of the adult population; they enjoy free health insurance cover, they enjoy pension and other incentives because they are public services, but now the remaining 80% will be enjoying all these services through MATAN.

''That makes VDI a landmark achievement for this government. We might not see it now until the implementation becomes a reality. All of us are going to enjoy and smile at the end of the day.

''Not only are we talking about taxation, which will bring more money to provide infrastructure, other services, and the dividends of democracy, but we are also talking about giving directly - the government giving back to the people.''

https://www.legit.ng/business-economy/economy/1570080-firs-launches-digital-initiative-include-informal-sector-nigerias-tax-net

Hmm look how fat they are...awon ogbologbo tax-and-steal

Widen the tax net, reduce the purchasing power and then balablu

An association of thieves and wailers like PitObi and his IPOB members mtheeww 😡

Rogues

EleventhWeirdo:
Well, in organized societies, all productive forces are brought under the tax net and the revenue collected is well accounted for and transparently spent. The Nigerian government wants to collect tax like it's done in sane societies, but will the government spend and account for that money like it's done in sane societies??

You forgot to mention that you need to grow an economy into taxable entities first. Who do you want to tax in today's Nigeria?, hungry and severely struggling people and near comatose businesses?.

It is still all about more money for the FG with no visible outputs

The government should empower the informal sector first before taxing the players.

EleventhWeirdo:
Well, in organized societies, all productive forces are brought under the tax net and the revenue collected is well accounted for and transparently spent. The Nigerian government wants to collect tax like it's done in sane societies, but will the government spend and account for that money like it's done in sane societies??

The level of transparency relative to the VDI collections will be akin to that of the judiciary.

This is good because it'll force people to be politically conscious, it'll fight back the government if she failed to perform up to expectations of her populace.

"Monitoring their turnover to facilitate the collection and remittance of VAT to FIRS." Even formal entities you're not done monitoring their businesses and now you want start poke nosing into small businesses. I feel the informal sector should be handled by states and LG. Also, this might just be another tax burden.

Whether you believe it or not people pay more in what looks like tax to local market touts. I'd this will bring an end to multiple taxing by tout then it's good.
When I read comments people make on things they have no idea of sometimes I just laugh make una calm down learn una say no.

Mccullum:
This is good because it'll force people to be politically conscious, it'll fight back the government if she failed to perform up to expectations of her populace.

You made the most relevant point. Most people vote stupidly because they do not entrust government with their financial sweat. Our government runs largely on proceeds from natural resources. When people start paying taxes like in advanced nations, this idiotic pattern of voting will stop by force.

Who contributes money in the hand of a criminal?

What is the meaning of informal sector? You are taking out 50 naira from the account of every person for each transfer, you are also charging the receiver 50 naira.

Is that not informal enough?


You have stolen/wasted the monies, you are not investing back to the people, you still want to s squeeze out more to be looted.

I don’t blame you guys though, I blame the docile Nigerians that gladly accept to be milked, rigged and dried out with nothing to show for it.

Tax tax tax to enrich themselves and nothing for the poor masses.


When will they do something that the poor masses will benefit??

mastermaestro:


You made the most relevant point. Most people vote stupidly because they do not entrust government with their financial sweat. Our government runs largely on proceeds from natural resources. When people start paying taxes like in advanced nations, this idiotic pattern of voting will stop by force.

Who contributes money in the hand of a criminal?

good point but u know the real problem is the electoral process. Very very faulty

tempest01:
What is the meaning of informal sector? You are taking out 50 naira from the account of every person for each transfer, you are also charging the receiver 50 naira.

Is that not informal enough?


You have stolen/wasted the monies, you are not investing back to the people, you still want to s squeeze out more to be looted.

I don’t blame you guys though, I blame the docile Nigerians that gladly accept to be milked, rigged and dried out with nothing to show for it.

lol.. I get your point

Please what do you suggest the poor, hungry Nigerian should do?

EleventhWeirdo:
Well, in organized societies, all productive forces are brought under the tax net and the revenue collected is well accounted for and transparently spent. The Nigerian government wants to collect tax like it's done in sane societies, but will the government spend and account for that money like it's done in sane societies??

not only spend and account for money, can they provide basic amenities which these monies that will be paid as tax might be spent on by the traders.

traders no see light to power their business, high cost of transportation and all.

they should provide the least

Nonsense! Anything for money without doing anything to promote the business or safety of the traders.

What about the various tickets being sold daily by thugs to our market women and hawkers?

I foresee a conflict on this
The SC should have dispensed with the VAT case before this will be implemented because the entity with the right to collect vat between states and FG is still yet to be clarified.
VAT is supposed to be collected at point of consumption and in telcos for example, VAT is collected by telcos at the point of making calls or using data. If FIRS now says they intend to collect VAT from the recharge card sellers, are they going to stop collecting from telcos as well or they'll collect from both which will end up as double taxation.
Lastly, LG councils collect tax from markets on behalf of states. If FIRS is now delving into that field, it implies an usurpation of the role of LGs at best and intrusion into another man's territory at worst.