In an endeavour to revolutionise tax remittance practices and alleviate the burden of multiple taxation among its members, the Market Traders Association of Nigeria (MATAN) has announced the imminent launch of its digital Value Added Tax Direct initiative.
Mr. Johnson elaborated on the forthcoming digital card, emphasising its issuance by financial institutions and its direct linkage to each member’s unique Tax Identification Number (TIN).
“The concept we have is called integration market revenue management system is to automate all the loopholes in revenues, We are going to be paying taxes to one government account. We are not going to be paid to unknown tax collectors again,” Mr. Johnson explained.
He further emphasised the partnership’s aim to provide a digital identity to every member nationwide, with financial institutions issuing cards during enumeration. These cards will be universally linked to members’ personal income tax numbers, facilitating efficient tax collection by the government.
Mr. Johnson also highlighted that with the use of digital cards, interstate tax transactions will be streamlined, eliminating the necessity to pay taxes to unknown entities en route. Instead, the POS systems will be utilised to remit taxes directly to the government’s account.