- The Federal Inland Revenue Service (FIRS) in Nigeria is launching an e-Invoicing initiative to modernize the tax reporting framework, aiming to enhance transparency, compliance, and efficiency while aligning with the country’s Digital Economy Policy and Strategy (2020–2030) to reduce tax fraud and facilitate real-time reporting.
- The e-Invoicing framework includes two primary models: a Business-to-Business (B2B) clearance model that requires pre-validation by FIRS before invoice delivery, and a Business-to-Customer (B2C) post-audit model where invoices are issued to customers first and reported to FIRS within 24 hours, utilizing QR codes for verification.
- Participation from various sectors is crucial for the successful rollout, with mandatory e-Invoicing for registered entities, unique invoice identifiers to prevent fraud, and integration with the FIRS Monitoring & Billing System, while certain aspects of the framework, such as reporting thresholds and penalties, are still under review.
Source RTCsuite
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