The Federal Inland Revenue Service is pushing for large tax consultants to adopt the electronic invoicing system, emphasizing its role in improving Nigeria’s tax-to-GDP ratio.
The system is expected to enhance tax compliance, increase transparency, and reduce revenue leakages.
The FIRS made this call on Monday in Lagos during a stakeholder engagement forum on the phased rollout of the e-invoicing initiative.
According to Revenue Statistics in Africa 2023, Nigeria’s tax-to-GDP ratio improved from 6.3% to 10.6%. However, the Federal Government aims to raise it to 18%.
To support this goal, the FIRS launched the National E-Invoicing Solution in 2024, describing it as a transformative initiative that provides real-time visibility into business transactions and financial data.
Emphasizing the role of tax consultants in adopting the e-invoicing system, the Director of the Competent Authority Department at FIRS, Sunday Okeowo, represented by the Director of Field Operations Management, Matthew Osanekwu stated that they “partner with FIRS on the journey to digital transformation, embrace adoption and understanding of the e-invoicing concept, support clients/taxpayers in technological integration and implementation, provide continuous training and capacity building for clients, and advocate for compliance advisory.”
Osanekwu further said “Tax consultants must realise that change has come. FIRS is on a journey, and that journey is to become one of the most trusted and efficient tax systems in the world.
“Tax consultants need to embrace change, and they need to support their clients to understand the need to migrate from the current manual approach to a digital approach. They will assist in guiding their clients on the integration of the solution into their system. Tax consultants are a bridge between the tax authority and the taxpayer.”
In his remark, the Chief of Staff to the Executive Secretary of the FIRS/Head, Strategic Management Office, Tayo Koleosho, said, “Today is to inform the tax consultants where we are on this project and to seek their support so that as they meet their clients, they are able to walk them through the process, the value proposition of the electronic invoicing solution, and the value to the country’s tax administration and revenue generation.”
Koleosho outlined the implementation timeline, stating, “stating, “We are hoping that by July of this year, we will go live. The benefits of this system are ease of doing business, ease of tax administration, and ease of tax compliance. It is a win-win for all.”
