Business
VAT Collection: FIRS deploys technology to capture market traders
In a bid to expand its Value Added Tax in line with its mandate the Federal Inland Revenue Service (FIRS) on Thursday unveiled how it would implement the Integrated Market Revenue Management System (IMRMS), a purpose-built digital platform, to capture the informal sector, especially market traders in the federal government’s tax net.
The tax office said, it would collaborate with Market Traders Association of Nigeria (MATAN), the umbrella body for all trading associations in Nigeria, to collect and remit Value Added Tax (VAT) from traders in marketplace, using the IMRMS platform.
The collaboration code named as the VAT Direct Initiative (VDI), is part of a deliberate move to expand the government’s tax base.
MATAN which is the largest player in Nigeria’s market space has a membership of over 40 million traders across the country.
Under the arrangement, MATAN is expected to digitally enumerate its members, give them a digital identity and track their turnover so that VAT accrued is collected and remitted to the FIRS.
Through this initiative, the FIRS will help tackle multiple taxation in the marketplace through partnership with security agencies to curb the activities of touts, miscreants and self-imposed tax collectors involved in illegal tax collection in Nigeria’s market spaces.
Speaking at an the official launch of traders enumeration exercise in Abuja, Mr Adebayo Adefeogbe, a director in the FIRS, said the initiative would grant the government coordinated access to almost 70 per cent untaxed revenue in the informal sector.
He said collecting VAT from over 40 million traders would enable the government to provide basic amenities in marketplaces across the country.
Moses Ige, MATAN National Coordinator of Incentives, urged market leaders who were present at the event, to sensitise members of various market associations to ensure that they are captured for the VAT Direct Initiative (VDI).
He listed the benefits of VAT Direct Initiative for registered traders to include health insurance, micro pension, general insurance cover, low-interest and non-collaterised business loans and grants, provision of provision of social amenities in marketplaces and free legal services.
Ige said, “All the services, including health insurance scheme, enjoyed by those in the public sector will also be extended to those in the informal sector. Registered MATAN members will have access to free medical care.
“Registered traders will also enjoy insurance cover in case of any loss as a result of disasters, have access to loans, and enjoy micro-pension scheme. We are working with the National Pension Commission (PENCOM) to get our members registered for the contributory pension scheme.
“With the VAT Direct Initiative, the government will get more revenue to execute capital projects in markets across the country.
“We are also partnering with Bank of Industry (BOI) to ensure that every small business owners have access to loans.”
Fidelity Bank Plc has reaffirmed its commitment to financial inclusion, youth empowerment, and promoting a healthy savings culture by rewarding nine National Youth Service Corps (NYSC) members with N500,000 business grants each.
The grants were awarded under the Get Alert in Millions Season Six (GAIM 6) promo, an initiative designed to reward loyal customers with cash prizes totalling N159 million.
The promo, which runs from November 2024 to August 2025, targets various categories of customers, including NYSC members, students, and general customers.
Mr. Osita Ede, Divisional Head of Product Development at Fidelity Bank Plc, stated that this season of the GAIM promo aims to enhance the opportunities for loyal customers to win.
“When we launched the GAIM 6 promotion in November 2024, we unequivocally stated that this campaign season is intended to promote inclusivity. Consequently, we have increased the total prize money to N159 million and added additional draws, beyond the weekly and monthly draws featured in previous seasons.
“Now, we have specific draws catering to various segments of our customer base including women, students, youth corps members, and traders. It is important to note that these categories of customers also stand the chance to win millions of naira in the monthly and grand draws which we will be hosting till 20 August 2025,” explained Ede.
Nine NYSC customers were selected through a random electronic draw in the first quarter of the GAIM 6 campaign across the country. They are: Oluwatosin Emmanuel Olowolayemo and Ekpeno Aniekan George, both Youth Corps members in Akwa Ibom State; Derryk Chidubem Okafor, Enugu State; Aliyu Idris Adamu, Kaduna State; Bomane-Aziba Koromo, FCT_Abuja; Asabe Grace Adamu, Bornu State; David Agbai Agwu, Osun State; Abdullahi Opeyemi Olajuwon, Lagos State and Eghosa George Orhue, Ekiti State.
Expressing his gratitude and excitement, one of the recipients of the entrepreneurship grant, Chidubem Okafor, appreciated Fidelity Bank for the grant, noting that the funds will enable him to achieve his entrepreneurial dreams.
His words, “At first, I thought it was a scam when they introduced the initiative at our orientation camp, but today, I am truly honored to receive this support from Fidelity Bank. This grant will go a long way in helping me achieve my entrepreneurial dreams, and I promise to make the most of it,”
Similarly, David Agwu, who also emerged a winner in the draw, expressed his surprise at the unexpected win, saying, “When I received the call, I thought it was a prank. I never applied for anything, so it was hard to believe. But when they sent me proof, I realized it was real. I am truly grateful for this opportunity. My plan is to invest the money in vocational training and digital skills development, particularly in fashion and painting in order to establish a sustainable business”.
Beyond the N500,000 entrepreneurship grant, the winners will also enjoy free business advisory and training sessions at the newly launched Fidelity SME Hub, located at 22, Lanre Awolokun Street, Gbagada Phase 2, Lagos.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
The Nigerian National Petroleum Company Limited (NNPCL) has dismissed reports that it has terminated Naira Crude deal with Dangote unilaterally.
In a statement on Monday, the NNPCL explained that the Cude Sales Agreement with Dangote Refinery was still subsistence, clarifying that the existing contract, which allowed crude oil sales in Naira, was structured as a six-month agreement, contingent on availability, and is set to expire at the end of March 2025.
NNPCL said discussions with Dangote for fresh contractual agreement will soon take place.
The statement which was signed by the Director of Corporate Communications of the NNPCL, Mr Segun Soneye disclosed that the NNPCL has supplied Crude Oil to Dangote since October 2024, with 48 million barrels.
He said the supplies was under the Naira contract which in total, the company has provided more than 84 million barrels to the refinery since it commenced operations in 2023.
NNPCL reaffirmed its commitment to supporting local refining, ensuring a steady crude oil supply based on mutually agreed terms.
The Edo State Internal Revenue Service has refuted claims of its February, 2025 revenue drop by one, Mr Ifaluyi Isibor saying, it’s a misrepresentation of facts.
In a statement issued on Sunday by the Head of Corporate Communications of Edo IRS, Courage Eboigbe, lamented the deliberate distortion of facts by those who supposed to know, but decided to mislead the populace for whatever reasons they think they wanted to achieve.
The statement obtained by CAPITAL POST in Abuja reads: “It is disheartening and disingenuous that supposedly educated Edo State citizens would spew out such nonsense for political expediency. Such actions not only mislead the public, but they also undermine the efforts of those working tirelessly to ensure sustainable economic development in our State.
“His claims are far from the truth. The only truth is that the Revenue Service has attained and is sustaining an average of N10 billion to date.
In view of the above, we hereby state that the IGR Report for February is very impressive and stands at over N9.5b, a figure never attained by Isibor’s paymasters.
“That the EIRS firmly dismisses the claim of revenue drop of Edo’s IGR falling from ₦4.7 billion in January to ₦3.4 billion in February, labelling Isibor’s narrative as dubious, deliberately misleading, and dishonest. Our record confirms a stable upward trajectory, which starkly contrasts the narrative put forth by the mischievous Isibor.
“That the EIRS denounces the misinformation, criticizes Isibor for allegedly spreading unverified figures, and insists that the IGR remains on an upward trajectory.
“That the EIRS rejects the notion of separate IGR sources, emphasizing that all government revenue is consolidated into a single figure irrespective of revenue stream.
“That the Revenue Service reiterates its commitment to tackling illegal revenue collection by unauthorized individuals while urging the public to remain vigilant and report any suspicious activities by non-state actors.
“Overall, this statement aims to restore public confidence, reject alleged misinformation, and reaffirm the agency’s professionalism in revenue collection.”
-
News2 days agoBill to establish National Cashew Production and Research Institute in Kogi passes first reading in Senate
-
Security7 days agoNigerian Coast Guard: Citizens warned against extortion as passage of bill is being awaited
-
Entertainment1 week agoActor Baba Tee apologises to Ijoba Lande for having sex with his wife
-
Foreign1 week agoNorth Korea: A country not like others with 15 strange things that only exist
-
Politics7 days agoRetired military officer, colonel Gbenga Adegbola, joins APC with 13,000 supporters
-
Politics6 days agoCPDPL accuses Adeyanju of orchestrating smear campaign against FCT Minister Wike
-
News2 days agoShehu Sani debunks Governor Uba Sani’s alleged diversion of LG funds, challenges El-Rufai to publicly tender evidence
-
Features1 week agoBruno Fernandes: Mikel Arteta credits ‘smart’ Man Utd captain for free-kick as Gary Neville says wall ‘too far back’