The e-Invoicing system operates under a Continuous Transaction Control (CTC) model, which encompasses different approaches for various transaction types.
For B2B transactions, a clearance model is adopted. This model requires that invoices be validated and “digitally” signed by the Federal Inland Revenue Service (FIRS) before they are “digitally” sent to the customer.
B2C transactions follow a reporting model (Issue the receipt, sign digitally, and report for fiscalization).
For both models, invoices can be reported to FIRS either in real-time or near real-time. For near real-time reporting, while invoices must conform to FIRS standards when issued and they can be signed shortly after issuance. However, any delays in signing these invoices might have implications for downstream processes, such as bank validations before fulfilling a transaction or trading of invoices in the money market, where confirmation of invoice authenticity is crucial.
