- Launch of E-Invoicing Platform: The Federal Inland Revenue Service (FIRS) in Nigeria has launched the Merchant Buyer Solution (MBS) e-invoicing platform, facilitating compliant e-invoice issuance for taxpayers and marking progress toward a nationwide mandate.
- Pilot Program and Roll-Out Timeline: A pilot for the largest taxpayers will begin in July 2025, with plans to extend the e-invoicing requirement to medium and smaller taxpayers thereafter, aligning with the Tax Administration and Enforcement Act of 2007.
- Invoice Validation and Notification System: The MBS portal allows for direct issuance of e-invoices or integration via API, with invoices validated and assigned a unique identifier before exchange, and both buyers and sellers receive notifications for cleared invoices, including options to reject or cancel them.
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- The Federal Inland Revenue Service (FIRS) of Nigeria is launching a mandatory e-invoicing platform called the Merchant Buyer Solution, with a phased rollout starting in July 2025 for large taxpayers, followed by medium and small businesses, as part of its digital tax transformation strategy.
- The e-invoicing system aims to enhance tax compliance, improve data transparency, and reduce revenue leakages by requiring all VAT-registered suppliers to issue invoices in a structured UBL/XML format and undergo real-time clearance, with penalties for noncompliance.
- Benefits of the e-invoicing regime include increased efficiency, reduced fraud, better cash flow management for businesses, and improved revenue visibility and collections for the government, alongside the need for businesses to prepare for integration and compliance with the new system.
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- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
