Large taxpayers that fail to migrate to the Nigerian Revenue Service’s (NRS) electronic invoicing platform by July 31 will begin facing statutory penalties, including fines of N200,000 per invoice, according to the Country Director of DigiTax Nigeria, Olumide Akinsola.
Speaking during a radio programme monitored in Lagos, Akinsola said the July 31 deadline marks the end of the compliance window granted to businesses with annual turnover above N5billion, the first category covered under the NRS’ phased implementation of its electronic invoicing system.
He explained that businesses that fail to comply after the deadline would become liable for penalties provided under the law.
“If you are a large taxpayer and you are still not compliant, you have until July 31 to do that. You are officially within the range of punitive measures, which are defined by the law as fines that apply to invoices that have not been transmitted to the NRS,” he said.