FIRS wants banks and fintechs to share transaction data for VAT monitoring
- FIRS has developed a real-time portal to track VAT-eligible electronic transactions.
- The 'Transaction Monitoring System' mandates integration from banks, card schemes, fintechs, and payment service providers.
- The system aims to plug tax leakages in Nigeria's digital economy.
The introduction of the Transaction Monitoring System by FIRS is a significant step towards modernizing tax compliance in Nigeria's digital economy. However, the effectiveness of this system will depend on the cooperation of financial institutions and the ability to handle the vast amount of transaction data securely and efficiently. Ongoing dialogue between FIRS and stakeholders will be crucial to address concerns and ensure smooth implementation.
