FIRS begins awareness ahead of e-invoicing system

The Federal Inland Revenue Service has engaged with large taxpayer groups ahead of the implementation of the pilot phase of the Merchant Buyer Solution (e-invoicing system) to get their contributions and smoothen the process.

At the stakeholders’ engagement in Lagos on Tuesday, it was disclosed that the pilot phase of the system would commence in July with selected taxpayers.

The FIRS announced the launch of the National E-Invoicing Solution in 2024, describing it as a transformative initiative aimed at providing real-time visibility into business transactions and financial data.

In his presentation at the event, the Chief of Staff to the Executive Chairman of FIRS, Tayo Koleosho, said the solution would make life easy for all stakeholders.

“It makes compliance easy for all. It makes life easy for everybody. And that is what this point is about. It’s about making sure that as you’re doing your natural business, you are actually feeding the right data set that can then be automatically exchanged within the tax return side, and then your filing becomes much more seamless, and then reduces audits and improves compliance for everybody. Again, it starts with identity. As it was unanimously agreed at a conference last week, identification and identity management are key parts of any tax, so as we go into the journey today, you will see all the things that we’ve done. You will see all the thoughts that we put into this product and this process, and they will now open it up for suggestions, not just here, not just from today. We’re saying that the line is open. The team will listen to all ideas, and they’ve been doing that. A couple of the large tax providers will also talk about the experience so far. So again, this is to start with generation, collaboration pathfinding, and advice-seeking on this product, so when we finally launch our merchant buyer, e-invoicing, 3.0 product, you will be able to say, ‘Yes, I was part of that. I gave my contributions, my criticism, and my advice, and all these things were incorporated into this project so that it was built for us.’ So that’s pretty much why we’re here.”

In his opening address, the representative of the Coordinating Director, Large Taxpayer Group, Dr Olabode Olatunji, emphasised the impact of the e-invoicing system, saying, “Our engagement today serves as an important platform for dialogue, collaboration, and shared insights as we navigate the pilot rollout of this solution. The e-invoicing system is not just a technological innovation but a strategic enabler that aligns with international best practices, ensuring seamless tax compliance, reducing revenue leakages, and enhancing ease of doing business in Nigeria.

“FIRS plans to commence the implementation of the pilot phase of this solution with selected large taxpayers. The insights gained from this phase will guide the broader implementation, ensuring that the solution is responsive to the needs of taxpayers across various sectors. Today’s engagement is designed to provide clarity on the objectives and benefits of the e-invoicing initiative. Through detailed presentations, discussions, and expert insights, we will explore how this solution integrates into your business operations and the tax ecosystem at large.

We understand that transitioning to a new system comes with challenges, and we are here to address any concerns you may have.”