The Federal Inland Revenue Service (FIRS), yesterday said it was determined to drive Nigeria’s tax-to-Gross Domestic Product (GDP) ratio by improving tax compliance, enhancing transparency, and curbing revenue losses with its e-Invoice system.
The e-Invoice system, known as the Merchant Buyer Solution (MBS) was designed to replace traditional paper-based invoicing with a digital framework that facilitates real-time validation and storage of transactions.
It covers business-to-business (B2B), business-to-consumer (B2C) and business-to-government (B2G) transactions.
The platform will unify transaction data, providing insights into supply chains, purchasing trends and financial data to support data-driven fiscal and economic policies.
Speaking at a stakeholders’ engagement for consultants to large tax payers in Lagos, the Chief of Staff to the Executive Chairman of FIRS and Head of the Strategic Management Office, Tayo Koleosho, said the platform set for full deployment mid-year was expected to improve tax reporting, minimise evasion and align Nigeria’s tax administration with global standards.
He noted the significance of the initiative, stressing that, “Electronic invoicing helps to improve transparency, both on the business side and on the tax administrative side.
