The Federal Inland Revenue Service (FIRS) is set to revolutionize Nigeria’s tax system with the introduction of the FIRS e-Invoice, a digital solution aligning with the Tax Administration and Enforcement Act 2007. Key discussions on this innovative approach took place at the LCCI-FIRS Private Sector Stakeholders Engagement in Lagos, shedding light on the importance of embracing technology for a more efficient tax system.
Dr Zacchaeus Adedeji, Executive Chairman of FIRS, emphasized the necessity of the e-invoice in advancing Nigeria’s tax landscape and facilitating seamless transactions. With the country facing both challenges and opportunities in the tax sector, Adedeji highlighted the significance of embracing reforms, leveraging technology, and ensuring transparency for sustainable growth.
Collaboration between the private sector and government is crucial in ensuring that tax policies support business innovation and competitiveness. The goal to increase tax collection by 57% and achieve a tax-to-GDP ratio of 18% by 2024 showcases the ambitious targets set by FIRS under its new leadership.
As Nigeria’s fiscal policy reaches a critical juncture, fostering trust through transparency and fairness, along with a culture of tax compliance, will be key in securing the country’s economic future. The introduction of the e-invoice is a step in the right direction towards a more prosperous and resilient Nigeria.
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