Major stakeholders are currently becoming concerned about the implementation of tax changes and e-invoicing, which are intended to harmonize revenue collection and improve tax compliance in the private sector.
In order to restructure the tax system, President Bola Tinubu signed four financial bills into law. He said that the new legislation will harmonize revenue collection and lessen the tax burden on both individuals and corporations.
The Nigeria Tax Act, Tax Administration Act, Nigeria Revenue Service Act, and Joint Revenue Board Act are the four new legislation. By decreasing the number of taxes, getting rid of redundancy, and making conducting business easier, the Nigeria Tax Act seeks to harmonize Nigeria’s disparate tax legislation.Similarly, the Federal Inland Revenue Service (FIRS) implemented the electronic invoicing solution (e-invoicing) to enhance tax compliance and revolutionize the nation’s tax payment system.
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