APPs Support FIRS E-Invoicing System to Enhance VAT Collection and Curb Tax Evasion

• Access point providers support the electronic invoicing system by the Federal Inland Revenue Service to improve VAT collection.
• APPs are tech companies certified to help taxpayers integrate with the e-invoicing platform.
• The system was launched on August 10 to monitor transactions and modernize Nigeria’s tax system.
• Only 1,000 large taxpayers have onboarded, with 4,000 companies yet to integrate.
• A deadline of November 1 is set for companies to complete integration.
• 16 APPs have been unveiled, including Pasca Technology Limited and Etranzact International Plc.
• APPs are certified by the National Information Technology Development Agency for technical capacity.
• They will transmit and report transactions.
• The system aims to improve tax filing, returns, and reduce leakages.
• The FIRS will track efficiency and success metrics.
• The platform is seen as an innovation to make tax processes easier and more transparent.

Source: thecable.ng

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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