The Federal Inland Revenue Service has commenced engagement with large taxpayers as part of preparations for the pilot phase of the Merchant Buyer Solution, an electronic invoicing system designed to enhance tax compliance and streamline business transactions.
According to The PUNCH, FIRS officials confirmed that the initial phase of the e-invoicing system would roll out in July, targeting selected large taxpayers.
The initiative, first announced in 2024, is expected to provide real-time insights into business transactions and financial data, reducing tax audits and improving compliance.
Speaking at the event, Tayo Koleosho, Chief of Staff to the Executive Chairman of FIRS, highlighted the benefits of the system, emphasizing its role in simplifying tax processes for businesses.
“It makes compliance easier for everyone,” Koleosho stated. “As businesses operate, they will automatically generate the necessary data sets, which will integrate seamlessly into tax filings. This will not only reduce audits but also enhance compliance across the board.”
He also stressed the importance of collaboration in refining the system before its full implementation.
“This is an opportunity for stakeholders to contribute their insights and suggestions. When we fully launch the Merchant Buyer e-invoicing 3.0 product, businesses will be able to say they had a hand in shaping it,” he added.
Dr. Olabode Olatunji, who represented the Coordinating Director of the Large Taxpayer Group, underscored the system’s strategic significance, noting that it aligns with international best practices and enhances Nigeria’s ease of doing business.
“This e-invoicing system is more than just a technological upgrade; it is a strategic tool to ensure seamless tax compliance, reduce revenue leakages, and enhance transparency,” Olatunji remarked.
“The pilot phase will allow us to gather feedback and fine-tune the system before a broader rollout.”
He acknowledged the potential challenges businesses might face while transitioning to the new system but assured stakeholders that FIRS is committed to addressing their concerns.
The stakeholders’ engagement featured detailed presentations and discussions aimed at helping businesses understand how the e-invoicing system integrates into their operations and the wider tax framework.
