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The Federal Inland Revenue Service (FIRS) has unveiled a cutting-edge digital E-invoice system, leveraging technology to enhance the tax experience for Nigerian businesses.
This new development, part of FIRS' Digital Transformation Strategy, was announced shortly after Dr. Zacch Adedeji's first anniversary as Executive Chairman.
In a piece analysing the initiative, Aderonke Atoyebi, the technical assistant, broadcast media at FIRS said the E-invoice system promises to streamline business transactions, especially for small and medium-sized enterprises (SMEs), making the invoicing process faster, more transparent, and less cumbersome.
"We are creating a system where every transaction is validated in real-time, ensuring transparency and ease for businesses," said Atoyebi.
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The introduction of this system is part of a broader effort to make tax compliance more efficient for all Nigerians.
The platform allows SMEs to manage their invoicing digitally, enabling them to focus on their core operations rather than administrative burdens.
SMEs, which often struggle with paperwork and manual processes, are set to benefit the most. The digital invoicing solution will allow these businesses to concentrate on innovation and growth.
"By simplifying the invoicing process, we're empowering businesses to do what they do best—create and innovate," Atoyebi added.
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Additionally, the FIRS restructuring into three distinct operational groups—small/Emerging Taxpayers, Medium Taxpayers, and large taxpayers—underscores the agency's commitment to offering tailored support.
This new approach aims to provide personalised assistance based on the unique needs of businesses, from street vendors to large corporations.
The E-invoice system aligns with President Bola Tinubu's Renewed Hope agenda, which seeks to cultivate a transparent and efficient tax environment.
Adedeji's initiatives reflect a push towards inclusivity, embracing technology to foster an environment where tax compliance becomes seamless for every Nigerian.
This transformation boosts revenue collection and ensures that funds are available for critical services like infrastructure, healthcare, and education, fostering growth and development across the country.