The Federal Inland Revenue Service (FIRS) is launching a pilot phase of its new e-invoicing system, and they're starting with large taxpayer businesses. These companies conduct millions of transactions daily or weekly, so it makes sense to begin with them.
The e-invoicing solution is designed to improve tax administration and compliance in Nigeria. It's an accounting system that can be installed on various devices, generating electronic invoices with tax elements that can be tracked and documented for tax administration.
Some of the key features of the e-invoicing solution include:
- *Electronic Invoicing*: Generates invoices with tax elements that can be tracked and documented.
- *Invoice Reference Number (IRN)*: A unique identification number assigned to each invoice, making it possible to trace its authenticity.
- *Real-time or Near Real-time Tracking*: Invoices can be inputted in real-time or near real-time, enabling the government to keep track of tax compliance and filing.
- *Integration with FIRS System*: The e-invoicing solution will be integrated with the FIRS system through a licensed access point provider, facilitating the exchange of invoices and other important data.
The FIRS has engaged stakeholders from various sectors, including oil and gas, banking, manufacturing, and services, to address concerns and provide feedback on the e-invoicing system.
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