Document background
The Commercial Invoice And Tax Invoice is a fundamental business document required for transactions in Nigeria, serving both commercial and tax compliance purposes. It is mandated by Nigerian tax laws and regulations, particularly the Value Added Tax Act and FIRS requirements. This document is essential when conducting business transactions that require official recording of sales, services, or goods provided, along with the corresponding tax implications. It must include specific information such as the seller's and buyer's details, tax identification numbers, VAT calculations, and other mandatory elements required by Nigerian law. The document is crucial for businesses to maintain proper records, ensure tax compliance, and facilitate smooth commercial relationships. It serves as evidence of transaction for both parties and can be used for various purposes including tax returns, audit trails, and payment processing.
