The Federal Inland Revenue Service (FIRS) has outlined plans to enhance Nigeria’s tax system by introducing various incentives designed to attract the informal sector into the tax net.
This initiative aims to capture more businesses and individuals who currently operate outside the formal tax system, ensuring greater compliance and broadening the tax base.
The FIRS believes that by offering targeted incentives, they can make tax registration more appealing, thus driving increased government revenue while fostering the growth and development of small and informal businesses. This plan comes as part of broader efforts to streamline Nigeria’s tax system and enhance financial transparency.
