Considering the extensive efforts invested in developing the solution system, Koleosho stated that the FIRS does not anticipate any significant challenges during the implementation of the initiative.
As part of its ongoing efforts to raise awareness about its e-invoicing initiative, the Federal Inland Revenue Service (FIRS) advanced discussions with tax consultants for large taxpayers in Lagos on Tuesday, March 10, 2025.
In November 2024, the FIRS unveiled its e-invoicing system aimed at enabling the smooth creation, validation, and exchange of electronic invoices while aligning with international best practices.
During his presentation, Mohammed Bawa, the e-invoicing project manager, explained that FIRS began engaging stakeholders in February to assess the initiative, collect feedback, address concerns, and raise awareness among taxpayers, consultants, and other relevant parties.
He further noted that the initiative will be rolled out in phases, starting with sectors such as banking and telecommunications.
While speaking to journalists, Tayo Koleosho, Chief of Staff to the Executive Secretary of the FIRS and Head of the Strategic Management Office, highlighted the importance of engaging tax consultants due to their pivotal role in tax administration.
“The e-invoicing project remains in its collaboration and stakeholder management phase. We continue to meet with all relevant stakeholders,” Koleosho said.
“Two weeks ago, we met with large taxpayers, and this week, we’re engaging with the consultants. These consultants play a crucial role in tax administration, as they act as intermediaries between the tax authority and the taxpayers,” he explained.
He added that the purpose of this engagement was to update the consultants on the progress of the e-invoicing project and to seek their support.
Koleosho emphasized that the e-invoicing initiative will streamline tax administration by facilitating a more transparent and efficient data exchange between taxpayers and tax authorities.
Regarding the implementation timeline, he noted, “We aim to go live by July of this year.”
He also pointed out that the initiative will simplify business operations, enhance transparency, and encourage compliance, making it a win-win for all parties involved.
Given the extensive preparation and development behind the system, Koleosho expressed confidence that the FIRS does not foresee any major issues during implementation.
“We do not anticipate significant challenges in terms of implementation. However, if any unforeseen issues arise, our technical team, consultants, and the experience of the FIRS are well-equipped to address them. But we do not expect any major glitches, as this initiative has been thoroughly planned,” he concluded.
For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Inner Konsult Ltd www.innerkonsult.com at Lagos, Ogun state Nigeria offices.
You can also reach us via WhatsApp at +2348038460036.
