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Speaking, the chief of staff to the executive chairman of FIRS, Tayo Koleosho highlighted the critical role tax consultants play in shaping Nigerian tax administration<\/p>\n
\u201cAt FIRS, our commitment to modernization has driven our transformation from tax administration 1.0, which was the manual process we all remember, to tax administration 2.0, which was the digital integrations that we are currently experiencing with our tactical applications, and to tax administration 3.0, which is and has become the global go-to standard on this journey,\u201d he explained.<\/p>\n
He noted that \u201cwe understand the complexities of the Nigerian tax system, and remain committed to solutions that enhance compliance without undue burden. The e-invoicing system will provide greater transaction feasibility, reduce fraud, and increase efficiency, among others.\u201d<\/p>\n
He emphasised that \u201cwe will begin the pilot phase of its e-invoicing solution in July, 2025, targeting large taxpayers. This initiative aims to enhance tax administration and compliance in Nigeria.\u201d<\/p>\n
Koleosho noted that the tax compliance rate, especially among large taxpayers, is way above 90 per cent, but when we average out, our tax compliance rate falls below 50 per cent.<\/p>\n
\u201cElectronic e-invoicing all over the world has helped to increase compliance because there is a lot of inter-data exchange between the tax authorities and the businesses and also improves.<\/p>\n
He said, \u201cI would think as it\u2019s obtained in a lot of other countries that have implemented this basic foundational platform to achieving a much more integrated tax system between the taxpayers and the taxpayers.\u201d<\/p>\n
Also, the director of the Competent Authority Department of FIRS, Okeowo Sunday, represented by the director of Field Operations Management, Matthew Osanekwu, said that in Africa, over 21 countries have adopted the e-invoicing in different phases, saying that \u201cwe are actually behind most African countries.\u201d<\/p>\n
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He noted that \u201cin ease of paying taxes index, Nigeria currently ranks 171 out of 190 in the world. Also, in ease of doing business, Nigeria ranks 131 out of 190 countries globally. So, we are not doing well at all.\u201d<\/p>\n
Sunday noted that \u201cfor Nigeria to attain a $1 trillion economy, we cannot continue to do the same things the same way. There is a need for us to do things differently. So, the e-invoicing is a step towards that direction.\u201d<\/p>\n
Osanekwu reassured businesses of data security, noting that FIRS officials are bound by confidentiality laws.<\/p>\n
He added that the essence of this is to improve our compliance gap and increase our tax-to-GDP ratio.\u201d<\/p>\n
The FIRS e-Invoicing System is an innovative solution designed to streamline invoicing while ensuring compliance with global standards and best practices. Built on a robust framework, it sets a new benchmark for efficiency, security, and reliability in managing fiscal and transactional activities in Nigeria.<\/p>\n