The Federal Inland Revenue Service (FIRS), has taken a significant step towards enhancing tax compliance in Nigeria with the launch of a stakeholder engagement forum on its e-invoicing initiative.
The forum, which was held in Lagos brought together representatives from the manufacturing and oil and gas sectors to discuss the implementation of the e-invoicing system.
According to Lead Consultant for the FIRS, Sadiq Arogundade, the e-invoicing system is designed to automate tax compliance and reduce the effort required for proper bookkeeping.
Arogundade said further that the system is designed to automate tax compliance and reduce the effort required for proper bookkeeping.
“We have built an electronic invoicing system for taxpayers and businesses to manage their invoicing processes. But we need to ensure that we have all use cases, all feedback, all comments, and concerns of taxpayers handled while we are building the system,” he said.
Arogundade explained that the primary objective of stakeholder engagement is to gather requirements from taxpayers and businesses to refine the e-invoicing system.
He further elaborated on the benefits of the e-invoicing system, saying, “When you automate workflows, it will reduce the effort to do proper bookkeeping.”
