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Datanomics
@Datanomics
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FIRS Launches Real-Time VAT Monitoring Portal The Federal Inland Revenue Service (FIRS) has introduced the Transaction Monitoring System, a real-time portal to track VAT-eligible electronic transactions. Banks, fintechs, payment providers, and card schemes must connect via API to automatically submit transaction and VAT data, helping close tax gaps in Nigeria’s digital economy. According to FIRS Chairman Zacch Adedeji, the system enables real-time visibility and promotes a fairer, more transparent marketplace. It uses encryption and AI validation to ensure data integrity and will reconcile reported transactions with taxpayers’ self-assessments. Key Facts: •Users: Banks, fintechs, PSPs, card schemes •Legal Basis: Section 25(4), FIRS Act; Tax Administration Act (Jan 2026) •Also Penalties Applies for Defaulters
@FMINONigeria
@LanreIssaOnilu
@FIRSNigeria
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5 months ago
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