Abuja: Nigeria Revenue Service (NRS) has set July 31 as the deadline for all large taxpayers to wholly adopt the national e-invoicing and Electronic Fiscal System (EFS).
According to News Agency of Nigeria, this announcement was made through a statement issued by Dare Adekanmbi, the Special Adviser on Media to the NRS Chairman, Dr. Zacch Adedeji. The statement highlights that the deadline follows a public notice issued by the NRS on February 17, which detailed the implementation timeline and mandatory adoption of the national e-invoicing and EFS, also known as the Merchant Buyer Solution (MBS).
The public notice, personally signed by the NRS chairman, informed all large taxpayers of the need to complete the onboarding, integration, testing, and commencement of invoice transmission to the NRS e-invoicing platform. Compliance monitoring activities have already begun to evaluate adherence to the e-invoicing mandate among large taxpayers. Those who fail to comply may face regulatory and enforcement actions as outlined by relevant tax laws and regulations.
Adekanmbi emphasized that affected taxpayers should urgently conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline. He also noted that large taxpayers are defined as companies with a gross turnover of five billion Naira and above, and as of the first quarter of this year, more than 1,000 companies have complied.
Compliance with the e-invoicing and EFS involves completing onboarding on the MBS and integrating taxpayer systems through approved Access Point Providers (APPs) and/or Systems Integrators (SIs). It also requires completing all validation and testing activities and actively transmitting invoices to the NRS e-invoicing platform in accordance with approved standards and guidelines. Taxpayers are also urged to ensure the receipt of compliant e-invoices with valid Invoice Reference Numbers (RIN) from suppliers.