- Nigeria is shifting its tax administration to real-time reporting of business transactions, moving away from retrospective audits.
- The new system, called fiscalisation, aims to tighten compliance on VAT and WHT by giving tax authorities direct, real-time access to transaction data.
- This reform targets reducing compliance gaps, especially in Nigeria’s informal and semi-formal sectors, and limits opportunities for under-declaration.
- Companies face increased compliance risks, as inaccurate or delayed records will trigger immediate tax consequences.
- The rollout is phased, starting with large taxpayers, and has already exposed data integrity issues within taxpayer systems.
Source: thewhistler.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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