SGS launches new ‘Cross-Border e-Invoicing’ program for the Central Bank of Nigeria
The Central Bank of Nigeria has appointed SGS to deliver its ‘Cross Border e-Invoicing’ program to help reduce foreign exchange fraud in international trade.
- (1888PressRelease) March 16, 2022 - SGS, the world’s leading testing, inspection and certification company, has been appointed by the Central Bank of Nigeria (CBN) to deliver its new ‘Cross-Border e-Invoicing’ program.
The program, which streamlines the invoicing process, whilst reducing business operating costs, was designed by SGS to help organizations and governments around the world prevent invoicing fraud in international trade. It means exporters to and in Nigeria now need to follow the country’s trade e-invoicing program.
CBN signed up to the program in January to prevent the depletion of foreign currency reserves and to tackle fraudulent trade practices related to trade mis-invoicing, price transfers and tax evasion. As of February 1, 2022, in pursuance of Circular TED/FEM/FPC/PUB/01/001, invoices of import and export transactions in Nigeria have to be provided in an electronic format (exemptions apply).
Andy Hunter, Managing Director, Nigeria, Togo, and Benin said: “We are delighted to join forces with CBN to deliver our robust and easy-to-use program. CBN will benefit from the assurance that the goods and services they procure from abroad are correctly invoiced, the right amount of tax is paid, and external payments are fully reconciled with import declarations.
“It’s a huge asset for those organizations engaged in the fight against fraud through fictitious suppliers, double-invoicing or illegal modifications to invoices received.”
e-Invoicing Platform
Suppliers of goods and services who wish to issue invoices to CBN must register on its Enrolment Portal to request authentication. Once successful, SGS delivers a digital certificate enabling access to the e-Invoicing platform. Invoices can then be issued in the format specified by CBN. Once cleared automatically by SGS, they are delivered to all relevant parties involved in the transaction. Suppliers then have immediate access to e-invoices in order to transmit them to buyers.
Cross-Border e-invoicing from SGS
SGS’s Cross-Border e-Invoicing service helps governments:
• Prevent the issuance of fake invoices
• Encourage compliant forex operations and customs declarations
• Allow for full reconciliation of trade data by authorities
• Reduce domestic tax fraud
• Increase government revenue through collect of correct trade duties and taxes
• Enhance compliance monitoring and continuous improvements
Businesses benefit from:
• Standardization of international trade invoicing
• Straightforward recovery of VAT paid on imports
• Reduced uncertainty in relation to additional costs from authorities’ audits
• Reduced operating costs
For further information, please contact:
Emmanuel Oyebode
Business Manager
Connectivity & Products – Trade Facilitation Services
Email: cp.media ( @ ) sgs dot com
About SGS
We are SGS – the world’s leading testing, inspection and certification company. We are recognized as the global benchmark for quality and integrity. Our 96,000 employees operate a network of 2,600 offices and laboratories, working together to enable a better, safer and more interconnected world.
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