• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Friday, July 11, 2025
  • Login
No Result
View All Result
NEWSLETTER
Elanza News
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
No Result
View All Result
Elanza News
Home News

FIRS to introduce e-invoice to enhance Nigeria’s tax system

Nathaniel Irobi by Nathaniel Irobi
September 18, 2024
in News
0
FIRS to introduce e-invoice to enhance Nigeria’s tax system
0
SHARES
7
VIEWS
FacebookTwitterWhatsappEmailTelegram

RelatedPosts

Troops Neutralise Notorious Kidnapper, Recover N13m Ransom

FG Sets July 15 Deadline for Payment of Wage Award Arrears to Civil Servants

APC N’Chair: TSN, CASG, ASGS Rally For Proven Party Man, Prof. Kailani

The Federal Inland Revenue Service (FIRS) says it will introduce the FIRS e-Invoice, a digital solution for managing invoices, in line with the Tax Administration and Enforcement Act 2007.

Executive Chairman, FIRS, Dr Zacchaeus Adedeji, stated this on Wednesday in Lagos at the LCCI-FIRS Organised Private Sector Stakeholders Engagement with the theme: “Emerging Tax Matters”.

Adedeji, who was represented by Mrs Oti Olaniyi, Acting Director, Medium Taxpayers Department, FIRS, said the e-invoice was necessary as the country moved forward to innovate and enhance its tax system.

He said the initiative, as part of the service’s digital transformation strategy, would facilitate real-time transaction validation and storage, benefiting business-to-business, business-to-consumer and business-to-government transactions.

He noted that the emerging tax matters in Nigeria presented both challenges and opportunities.

The FIRS boss noted that significant developments such as the recent organisational restructuring of the FIRS and other tax reforms had taken place in the taxation landscape.

He said that the country could develop a tax system that would support sustainable growth and equitable development by embracing reforms, leveraging technology and ensuring transparency.

“Our collective efforts will pave the way for a more prosperous and resilient Nigeria.

“As we move forward, we encourage you to support these initiatives with constructive feedback and collaboration.

“By doing so, we can all build a stronger, more resilient economy that benefits everyone,” he said.

ALSO READ:  Israel's Defence Force Ready For Iran Offensive Strikes - Netanyahu

Adedeji also stated that the country which had gotten to a crucial juncture in its economic evolution, must explore various tax incentives to stimulate local industries.

He emphasised the need for transparency and effectiveness in the implementation of these incentives and evaluation of their impact by ensuring they aligned with national development goals.

He said that the informal sector, which constituted a large part of the country’s economy, posed unique challenges as many small and micro businesses operated outside the formal tax system.

He said to engage this sector effectively, the government would explore simplified tax regimes and registration incentives.

In his remarks, Mr Gabriel Idahosa, President, LCCI, urged FIRS to collaborate with the private sector and government to ensure that tax policies support business innovation and competitiveness.

Idahosa noted that recently, Nigeria’s tax system had undergone significant transformations driven by reforms and policy changes to boost revenue, simplify compliance and address critical fiscal challenges.

He said that under its new leadership, the FIRS had set ambitious goals to increase tax collection by 57 per cent, targeting a revenue of N19.4 trillion for 2024.

He noted that though the country’s current tax to Gross Domestic Product (GDP) ratio stood at 10.86 per cent, the government aimed to achieve a tax-to-GDP ratio of 18 per cent within the next three years through newly introduced tax reforms.

The LCCI president said that reaching the goal required concerted effort from both the public and private sectors, along with targeted reforms aimed at simplifying tax policies and encouraging compliance.

Tags: tax system
Nathaniel Irobi

Nathaniel Irobi

Related Posts

Troops Neutralise Notorious Kidnapper, Recover N13m Ransom

Troops Neutralise Notorious Kidnapper, Recover N13m Ransom

by Nathaniel Irobi
July 11, 2025
0

Troops of Operation Safe Haven (OPSH) have neutralised a suspected kidnapper accused of carrying out kidnapping activities along the Jos...

FG Sets July 15 Deadline for Payment of Wage Award Arrears to Civil Servants

FG Sets July 15 Deadline for Payment of Wage Award Arrears to Civil Servants

by Nathaniel Irobi
July 11, 2025
0

The Federal Government has set a deadline of July 15, 2025, for the payment of wage award arrears owed to...

APC N’Chair: TSN, CASG, ASGS Rally For Proven Party Man, Prof. Kailani

APC N’Chair: TSN, CASG, ASGS Rally For Proven Party Man, Prof. Kailani

by Nathaniel Irobi
July 11, 2025
0

A powerful coalition of All Progressives Congress (APC) support groups has thrown its weight behind Professor Kailani Muhammad as the...

Recommended

Kaduna State To Refund Buyers Of Revoked College Houses

Kaduna State To Refund Buyers Of Revoked College Houses

5 days ago
Disregard Ganduje And His Men Over Concocted Kwankwaso’s EFCC Story, It’s Untrue Says Abdulmalik

NNPP Confirms Kwankwaso’s Exclusion from 2027 Presidency Race

6 days ago

Popular News

  • CDS’s Wife, Shehu Sani, Katung, Other’s To Storm Pastor Mutum’s Ordination, Book Launch

    CDS’s Wife, Shehu Sani, Katung, Other’s To Storm Pastor Mutum’s Ordination, Book Launch

    0 shares
    Share 0 Tweet 0
  • Bwari Council Chairmanship Aspirant, Dara, Dumps Labour Party Over Suspected Foul Play In Primaries

    0 shares
    Share 0 Tweet 0
  • Innoson, Ibeto, Apostle Alozie To Honour Archbishop Emma David At Golden Jubilee Celebration

    0 shares
    Share 0 Tweet 0
  • Kaduna Govt Unveils 345 Supervisory Councillors, Special Advisers Across 23 LGAs

    0 shares
    Share 0 Tweet 0
  • Bannon Tried to Use Iran Strike to Split the GOP Says Former Counselor to Jared Kushner, Eliyahu Okkon, Esq.

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Instagram Twitter Youtube
Elanza logo

Elanza News is your NO 1 online platform for all news update.
#SayNoToFakeNews
Contact Us

Category

  • Arts & Literature (25)
  • Business (737)
  • Education (217)
  • Entertainment (310)
  • Health (193)
  • National (2,168)
  • News (8,141)
  • Opinion (297)
  • Politics (1,621)
  • Science (15)
  • Security (405)
  • Sports (436)

Newsletter

© 2023 Elanza News - The No 1 online news platform

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Business
  • Science
  • National
  • Entertainment
  • Sports
  • Health

© 2023 Elanza News - The No 1 online news platform