- Launch of MBS Platform: The Federal Inland Revenue Service (FIRS) of Nigeria has launched the Merchant Buyer Solution (MBS), an e-invoicing platform aimed at facilitating compliant electronic invoicing in preparation for the upcoming mandatory e-invoicing mandate in Nigeria.
- Phased Implementation Plan: The rollout of mandatory e-invoicing will begin with a pilot program for the largest taxpayers in July 2025, followed by an expansion to medium and small businesses, establishing a technical framework for VAT-registered businesses to issue e-invoices per the Tax Administration and Enforcement Act.
- Technical Requirements and Functionality: Taxpayers must register on the FIRS MBS Portal to access the platform, which allows e-invoices to be generated in XML or JSON format. The pre-clearance model validates invoices before transmission, assigning unique identifiers and notifying both parties upon approval, while also allowing for cancellations or rejections.
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Nigeria Launches National E-Invoicing Platform and Inaugurates Inter-Agency Steering Committee
- The federal government inaugurated a national e-invoicing solution inter-agency steering committee.
- The committee will oversee the rollout of the new e-invoicing platform called Merchant Buyer Solution.
- All VAT-registered businesses must use the Federal Inland Revenue Service MBS platform for e-invoices.
- The platform aligns with the Tax Administration and Enforcement Act of 2007.
- It aims to modernize fiscal infrastructure, enhance transparency, and curb tax evasion.
- The system allows real-time monitoring of commercial transactions.
- It supports interoperability among stakeholders for seamless data sharing.
- The platform integrates with existing enterprise resource planning systems used by businesses and government agencies.
Source: ensafrica.com
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
