The Federal Inland Revenue Service (FIRS) says it will introduce electronic invoice (e-invoice) to improve the tax system in Nigeria.
The Federal Inland Revenue Service says it will introduce an electronic invoice to improve the tax system in Nigeria.
“The e-invoice was necessary as the country moved forward to innovate and enhance its tax system”, Adedeji said.Adedeji said the initiative, a digital solution for managing invoices, is in line with the Tax Administration and Enforcement Act 2007. “As we move forward, we encourage you to support these initiatives with constructive feedback and collaboration.Adedeji said Nigeria could develop a tax system to support sustainable growth and equitable development by embracing reforms, leveraging technology, and ensuring transparency.He said the country has gotten to a crucial juncture in its economic evolution and must explore various tax incentives to stimulate local industries.
Speaking on reforms, Idahosa said Nigeria’s tax system had undergone significant transformations driven by reforms and policy changes to boost revenue, simplify compliance, and address critical fiscal challenges.He said under its new leadership, the FIRS had set ambitious goals to increase tax collection by 57 percent, targeting a revenue of N19.4 trillion for 2024.
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