15 NOTES ON NIGERIA’S UPDATED VAT E-FILING PLATFORM.

Nigeria’s Federal Inland Revenue Service (FIRS) has implemented significant updates to enhance the Value Added Tax (VAT) compliance processes on its ICT-based tax compliance platform known as TaxPro MAX. The revisions impact Sales, Purchases, Sales Adjustments, and the VAT Returns Form. Below are 15 key notes elucidating the changes on the Platform and their implications for your VAT compliance process: A. Sales: B. Purchases: C. Sales Adjustment: D. VAT Form: E. Our Concluding Commentary: The Purchases page’s dependency on data from uploaded Sales Schedules poses a notable challenge for TaxPro MAX. While FIRS aims to fully automate the VAT filing process, effective stakeholder engagement, quick issue resolution, communication, and progressive updates are crucial. TaxPro MAX should be treated as a world-class Software as a Service (SAAS) platform, meeting high standards for efficient service delivery. Stakeholder feedback should guide impactful updates for a well-paced system. The FIRS and taxpayers should demand and uphold the best standards for TaxPro MAX as a service. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.