- Nigeria’s Federal Inland Revenue Service launched the Merchant Buyer Solution eInvoice platform.
- The eInvoice is part of the FIRS Digital Transformation Strategy for 2023/24.
- It is mandatory for all VAT registered businesses to use this platform for e-invoicing.
- The eInvoice replaces traditional paper and electronic documents.
- It includes transaction details like supplier and buyer information, item descriptions, quantities, prices, tax, and total amounts.
- The platform supports B2B, B2C, and B2G transactions.
- It ensures seamless data integration with FIRS systems.
- Benefits include streamlined processes, enhanced compliance, and improved efficiency.
- Automation reduces errors, saves time and costs, and ensures accurate tax reporting.
- Real-time invoice tracking and interoperability among business systems are supported.
- Businesses must register with a TIN and verify their email to use the platform.
- Two options for e-Invoice transmission are available through the FIRSMBS Portal.
Source: firs.gov.ng
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
