FIRS to start monitoring bank transactions for VAT deduction

Nigeria targets tax leakages with real-time VAT platform

Nigeria’s Federal Inland Revenue Service (FIRS) has launched a real-time transaction monitoring portal aimed at tightening oversight of Value Added Tax (VAT) collections across the country’s rapidly expanding digital economy. The new system, dubbed the Transaction Monitoring System, mandates integration from banks, fintechs, and payment service providers, granting the tax agency visibility into VAT-eligible electronic payments. While the portal …

FIRS to start monitoring bank transactions for VAT deduction

Nigeria’s Federal Inland Revenue Service (FIRS) has developed a real-time portal to track all VAT-eligible electronic transactions and is mandating integration from banks, card schemes, fintechs, and payment service providers, according to an internal presentation seen by TechCabal, part of an aggressive push to plug tax leakages in the fast-growing digital economy. “This system represents a transformative leap in transaction visibility. By moni…