The Federal Inland Revenue Service in a bid to align the nation’s tax system with global standards, has launched a new Automatic Exchange of Information-Common Reporting Standard system for the use of financial institutions in the country.
Executive Chairman, FIRS, Mr. Muhammad Nami, announced the deployment of the AEOI-CRS in a notice calling on reporting financial institutions under the Income Tax (Common Reporting Standard) Regulations 2019 to enroll on the portal.
A statement from the Director, Communications and Liaison Department, FIRS, Abdullahi Ismaila Ahmad quoted Nami to have said, “The Automatic Exchange of Information-Common Reporting Standard system portal is currently live, open and active.
Advertisement
“Consequently, all Reporting Financial Institutions, Commercial Banks, Merchant Banks, Discount Houses, Mortgage and Development Banks, Insurance and Life Assurance Companies, Investment Advisers, Trustees, Asset Management Companies, Issuing Houses, Brokers/Dealers, are invited to enroll on the AEOI-CRS portal.”
Explaining the process of enrolment, the FIRS Boss stated that each Reporting Financial Institution is required to designate an appropriate officer as Primary User.
The PU is the custodian of the Financial Institution’s login details on the portal.
He said a letter signed by the Chief Executive Officer of the institution introducing the PU to the FIRS is required as part of the enrolment process.
“In order to enroll as a PU of an FI and have access to related AEOI-CRS documents, please visit the FIRS website at www.firs.gov.ng and navigate the menu tab on Automatic Exchange of Information.
“Please do this only if relevant contact details have been forwarded to the FIRS,” he said in the Notice.
Nani urged all Financial Institutions to further take notice that CRS reports for 2019 are due not later than 30th September 2020.