- The Federal Inland Revenue Service (FIRS) has begun stakeholder engagement on the planned roll-out of e-invoicing solution
- FIRS aims to revolutionise and digitise tax administration in Nigeria through the e-invoicing solution
- The agency disclosed at the forum that when launched, the e-invoicing solution will ease tax payment and reduce audit stress for organisations
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Federal Inland Revenue Service (FIRS) has commenced a wide consultation and stakeholder engagement on its proposed roll-out of the novel e-invoicing solution.
The agency is prepping to digitize invoicing in tax administration and filing via the pilot phase of the e-invoicing roll-out.
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FIRS showcases an e-invoicing solution
At the stakeholder engagement held at Four Points by Sheraton in Lagos on Tuesday, February 18, 2025, the nation’s tax administrator disclosed that e-invoicing targets mainly large taxpayers and hopes to simplify the filing process for companies and individuals.
The programme, attended by Legit.ng, was attended by taxpayers drawn from large corporations, international oil companies (IOCs), telecom firms, technology organisations and other sectors.
FIRS showcased the key features and importance of the new technology, which experts say, aims at gathering more data about tax administration and payment in Nigeria.
According to Olatunji Olabode, a representative of the chairman of the FIRS, Zacch Adedji, the new technology aims to provide real-time data and visibility to foster efficiency and transparency.
FIRS targets large taxpayers with new solution
He disclosed that the agency will begin the pilot phase with large taxpayers and gradually roll it out for others.
Tayo Koleosho stated that tax payment and administration have evolved and the new e-invoicing is part of the journey in revolutionising tax filing and administration in Nigeria.
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He said the new e-invoicing solution is locally development to ease tax payment, reduce audits, enhance data collection, improve compliance and rapidly verify tax identity.
Other benefits include increased data volumes, with efficiency in voluntary compliance, efficiency and cost-savings, transparency, digital transformation, standardisation, and improved revenue collection.
He disclosed that the new e-invoicing solution aligns with global best practices in tax administration.
Key features of the project
A representative of D’Accubin Technology Limited, the programme developer, Sodiq Arogundade, said one of the key features of the e-invoicing solution includes seamless input claims and ease of refund process.
- Cost-saving
- Environmental input
- Error reduction
- Business efficiency
- Improved transparency
- Ease of data recovery
- Reduces compliance cost
- Less tax audit burdens
- Fraud risk reduction, and
- Improved cash flow.
FIRS sets ambitious goals for 2025
FIRS hopes to launch the e-invoicing solution in the second half of this year to enhance tax clearance and other solutions.
The agency has been bullish in its drive to boost the nation's revenue through effective tax administration, leading to the agency surpassing its 2024 revenue target.
It has set an ambitious revenue target of N25 trillion for fiscal year 20025. Analysts hope the new e-invoicing will help it to achieve the goal.
FIRS Rakes in N5.5 trillion in tax revenue in 6 months
Legit.ng earlier reported that FIRS collected a total tax revenue of N5.5 trillion for six months from January to June 2023.
The agency collected over N10 trillion in revenue in 2022. It was the first time the revenue agency crossed the N10 trillion mark in tax revenue collection.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
