Nigeria’s New Tax On Traders Will Have Negative Short Term Impacts On The Economy – Basil | VSA скачать в хорошем качестве

Nigeria’s New Tax On Traders Will Have Negative Short Term Impacts On The Economy – Basil | VSA

The Federal Inland Income Service of Nigeria and the Market Traders Association of Nigeria (MATAN) have teamed up to collect value-added tax (VAT) from unauthorized vendors in an effort to broaden the tax base and increase income. This collaboration is a component of President Bola Tinubu's comprehensive reform plan, which aims to rev up the nation's lethargic growth. According to the agency, Nigeria now has one of the lowest tax collection rates in the world, with only about 10.8% of GDP being collected in taxes. Through the installation of a digital platform, the FIRS intends to take advantage of MATAN's enormous network of more than 40 million merchants, who primarily work in the informal sector, to address this issue. This collaboration aims to curb illegal tax collection activities by unauthorized individuals and streamline the process of tax collection. Follow News Central On: Facebook:   / newscentralafrica   Twitter:   / newscentraltv   Instagram:   / newscentraltv   For more content, go to: https://newscentral.africa Revenue Generation: Nigeria’s New Tax On Traders Will Have Negative Short Term Impacts On The Economy – Basil | VSA | 05-07-23 #NewsCentral #AfricaFirst #Africa #News #Politics #tax #Revenue #Economy #Nigeria #WestAfrica