FIRS begins e-invoicing for large taxpayers

The Federal Inland Revenue Service (FIRS) has launched an e-invoicing system for large taxpayers, known as the Model for making tax compliance easier, faster, and transparent. The system, which went live on August 1st, aims to onboard companies with an annual turnover of N5 billion or more.

Less than two weeks after its launch, nearly 1,000 companies, representing 20% of the eligible firms, have already embraced the solution. MTN Nigeria was the first taxpayer to transmit live electronic invoices to FIRS, with Huawei Nigeria and IHS Nigeria also set to follow suit.

The FIRS Chairman, Zacch Adedeji, highlighted the importance of this initiative in improving tax compliance and transparency. The remaining large taxpayers are expected to come onboard by the November 1st deadline.