Nigeria’s ambitious tax reform agenda faces its first major implementation test as large companies race to comply with a nationwide e-invoicing mandate before the June 30 deadline, with penalties set to take effect from July 1 for non-compliant taxpayers.
“By June 30, if you are not compliant, you will be liable for fines starting July 1,” said Olumide Akinsola, country director of DigiTax Nigeria, an accredited e-invoicing service provider, during a virtual media briefing on Tuesday.
The National Revenue Service (NRS) requires companies with annual turnover of N5 billion and above to transmit invoices electronically through its Merchant Buyer Solution (MBS) platform by June 30, after which non-compliant businesses could face fines, interest charges and restrictions on claiming VAT input credits.
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The rollout is one of the most significant steps in Nigeria’s push to modernise tax administration through technology, improve compliance and reduce leakages that have long undermined government revenue collection.
