- Launch of FIRSMBS: On April 29, 2025, Nigeria’s Federal Inland Revenue Service (FIRS) launched the Merchant Buyer Solution (FIRSMBS), a centralized e-invoicing platform aimed at enhancing VAT collection, reducing fraud, and enabling real-time tax oversight. The platform will initially target large taxpayers in a pilot phase starting July 2025, before expanding to medium and small enterprises.
- Functionality and Benefits: FIRSMBS allows for the electronic creation, validation, and storage of invoices and related documents, facilitating B2B, B2C, and B2G transactions. The system employs a pre-clearance model to validate invoices before they are sent to buyers, ensuring compliance and boosting transparency. Businesses can integrate the platform with their ERP systems for operational efficiency and reduced processing errors.
- Preparation for Businesses: To prepare for the rollout, businesses are encouraged to register for a Tax Identification Number (TIN), complete onboarding processes through the FIRSMBS portal, and test system integrations. Early preparation is essential, particularly for large taxpayers participating in the pilot phase, to ensure smooth compliance with the upcoming e-invoicing mandate.
Source: rtcsuite.com
Click on the logo to visit the website
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.
