Nigeria Prepares for July Launch of E-Invoicing System to Boost Tax Compliance and Efficiency

• FIRS and Nigerian manufacturers completed a two-day engagement session in Lagos for the e-Invoicing system launch in July.
• The e-Invoicing system aims to enhance transparency, efficiency, and tax compliance through real-time electronic invoice exchange.
• The initiative is part of Nigeria’s Digital Economy Policy and Strategy to drive digital transformation and improve revenue collection.
• The system will standardize invoicing practices without disrupting existing business processes.
• It supports international standards and is compatible with global invoicing practices.
• The rollout will start with large taxpayers, followed by medium and small enterprises.
• Businesses are encouraged to review accounting processes and ensure readiness for the July launch.
• The e-Invoicing infrastructure is ready, with several large companies participating in the pilot phase.

Source: zawya.com

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.

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