News Investigators/ The Nigeria Revenue Service (NRS) has set July 31 as deadline for all large taxpayers to wholly adopt the national e-invoicing and Electronic Fiscal System (EFS).
This is according to a statement issued by Dare Adekanmbi, the Special Adviser on Media to the NRS Chairman, Dr Zacch Adedeji on Sunday in Abuja.
Mr Adekambi said that the deadline was sequel to a public notice issued by NRS on Feb. 17.
He said that the Feb. 17 notice was on the implementation timeline and the mandatory adoption of the national e-invoicing and EFS otherwise known as the Merchant Buyer Solution (MBS).
He said that the NRS chairman personally signed the public notice informing all large taxpayers of the need to complete the onboarding, integration, testing, and commencement of invoice transmission to the NRS e-invoicing platform.
“The NRS has already commenced compliance monitoring activities in order to assess the level of adherence to the e-invoicing mandate among large taxpayers.
“Consequently, any defaulting member may be subjected to appropriate regulatory and enforcement actions in accordance with the provisions of the relevant tax laws and regulations.
“Affected taxpayers are, therefore, advised to urgently conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline.
“The NRS appreciates the cooperation of taxpayers and remains committed to providing the necessary support to ensure the successful implementation of the national e-invoicing regime,” he said.
Adekambi described large taxpayers as companies with gross turnover of five billion Naira and above.
According to him, as of the first quarter of this year, more than 1,000 companies have complied.
“Compliance with the e-invoicing and EFS covers the completion of onboarding on the MBS and successful integration of taxpayer systems through approved Access Point Providers (APPs) and/or Systems Integrators (SIs).
“It also covers completion of all required validation and testing activities, and active transmission of invoices to the NRS e-invoicing platform in line with approved standards and guidelines,” he said.
He urged taxpayers to also ensure the receipt of only compliant e-invoices with valid Invoice Reference Number (RIN) from suppliers.
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