The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN) to halt the administration of its guidelines on e-valuation and e-invoicing, Urging the apex bank to review distinct sections of the technological policy
Segun Ajayi-Kadir, Director-General of MAN stated that said some areas of concern were raised, including the hasty implementation of the policy, less than two weeks after its issuance.
“We noted that the implementation date on the circular is scheduled for 1st February 2022, whereas the guideline itself was issued on the 21st January 2022. This is just 11 days of grace before implementation. This is rather hasty.
“A circular on monetary or fiscal guidelines requires adequate adjustment time. This is more so when it involves international trade and transactions; where a minimum of 90 days allowance of time is normally required, as many operators would have opened Form M and concluded deals either for import of export,” .
Ajayi-Kadir also noted that the commencement date should be extended by at least 90 days, and transactions embarked on before the issuance of the guidelines be exempted.
“We also seek clarification on paragraph D of the guidelines; wherein the CBN is directing that ‘the content of the electronic invoice authenticated by Authorized Dealer Banks is only advisory for the Nigeria Customs Service (NCS).’ ”
“This means that the NCS may vary it, probably uplift the FOB when issuing the PAAR. MAN considers CBN and NCS as agencies of the Federal Government and hence should harmonise their functions in this regard.”