FIRS begins consciousness forward of e-invoicing system

The Federal Inland Income Service has engaged with massive taxpayer teams forward of the implementation of the pilot part of the Service provider Purchaser Answer (e-invoicing system) to get their contributions and smoothen the method.

On the stakeholders’ engagement in Lagos on Tuesday, it was disclosed that the pilot part of the system would start in July with chosen taxpayers.

The FIRS introduced the launch of the Nationwide E-Invoicing Answer in 2024, describing it as a transformative initiative aimed toward offering real-time visibility into enterprise transactions and monetary information.

In his presentation on the occasion, the Chief of Employees to the Govt Chairman of FIRS, Tayo Koleosho, stated the answer would make life simple for all stakeholders.

“It makes compliance simple for all. It makes life simple for everyone. And that’s what this level is about. It’s about ensuring that as you’re doing all your pure enterprise, you’re really feeding the precise information set that may then be robotically exchanged throughout the tax return aspect, after which your submitting turns into far more seamless, after which reduces audits and improves compliance for everyone. Once more, it begins with id. Because it was unanimously agreed at a convention final week, identification and id administration are key elements of any tax, in order we go into the journey right now, you will note all of the issues that we’ve completed. You will notice all of the ideas that we put into this product and this course of, and they’re going to now open it up for solutions, not simply right here, not simply from right now. We’re saying that the road is open. The staff will hearken to all concepts, and so they’ve been doing that. A few the massive tax suppliers may also speak in regards to the expertise to date. So once more, that is to start out with technology, collaboration pathfinding, and advice-seeking on this product, so after we lastly launch our service provider purchaser, e-invoicing, 3.0 product, it is possible for you to to say, ‘Sure, I used to be a part of that. I gave my contributions, my criticism, and my recommendation, and all this stuff have been integrated into this venture in order that it was constructed for us.’ In order that’s just about why we’re right here.”

In his opening tackle, the consultant of the Coordinating Director, Giant Taxpayer Group, Dr Olabode Olatunji, emphasised the impression of the e-invoicing system, saying, “Our engagement right now serves as an vital platform for dialogue, collaboration, and shared insights as we navigate the pilot rollout of this answer. The e-invoicing system isn’t just a technological innovation however a strategic enabler that aligns with worldwide greatest practices, making certain seamless tax compliance, lowering income leakages, and enhancing ease of doing enterprise in Nigeria.

“FIRS plans to start the implementation of the pilot part of this answer with chosen massive taxpayers. The insights gained from this part will information the broader implementation, making certain that the answer is aware of the wants of taxpayers throughout varied sectors. Immediately’s engagement is designed to supply readability on the targets and advantages of the e-invoicing initiative. Via detailed shows, discussions, and skilled insights, we’ll discover how this answer integrates into your corporation operations and the tax ecosystem at massive.

We perceive that transitioning to a brand new system comes with challenges, and we’re right here to handle any considerations you could have.”