The Federal Inland Revenue Service has rolled out an electronic invoicing system aimed at boosting tax compliance and modernising revenue collection in Nigeria. The electronic fiscal system, known as the merchant-buyer model, went live on August 1 after a pilot phase that began in November last year.
The system, which provides real-time visibility into transactions, is being implemented first among large taxpayers with annual turnovers of five billion naira or more.
Also Read: Lawmakers Abandon 2024 Budget Defence, Reject CBN, Customs, FIRS Reps
According to a statement on Sunday by Dare Adekanmbi, media aide to Zacch Adedeji, the FIRS chairman, about 1,000 companies, including MTN Nigeria, Huawei Nigeria and IHS Nigeria, have begun integration. MTN became the first company to transmit live electronic invoices.
The tax authority has set a deadline of November 1 for all large taxpayers to complete onboarding and integration. It said a three-month extension from the original August deadline was granted to accommodate firms facing operational constraints.
FIRS said the platform supports government goals of improving revenue assurance and reducing tax evasion. The agency added that it will continue providing support through stakeholder meetings, webinars and workshops to ensure a smooth transition.
Leave feedback about this
You must be logged in to post a comment.