- FIRS has developed a real-time portal to track VAT-eligible electronic transactions.
- Banks, fintechs, and payment service providers must integrate with this portal.
- The system aims to improve transaction visibility and ensure a fair digital marketplace.
- The portal allows FIRS to monitor transactions in real time but does not collect taxes directly.
- The initiative addresses gaps in transaction visibility due to the rapid growth of Nigeria’s digital economy.
- Financial institutions are required to connect to the portal to document taxes on micro-transactions.
- New tax laws empower FIRS to automate tax processes, with penalties for non-compliance starting in January 2026.
- FIRS uses encryption and AI for transaction integrity and cross-checks financial data against self-assessments.
Source: techcabal.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.
