By Adedapo Adesanya
As part of its ongoing reforms to align the nation’s tax system with global standards, the Federal Inland Revenue Service (FIRS) has launched a new Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for the use of financial institutions in the country.
This disclosure was made by the Director Communication and Liaison, FIRS, Mr Abdulahi Ahmed, in a statement in Abuja on Sunday, September 6, 2020.
In the statement, he quoted the Executive Chairman, Mr Muhammad Nami, as calling on reporting financial institutions under the income tax (Common Reporting Standard) Regulations 2019 to enrol on the portal.
He explained that the initiative is to make tax reporting by operators in the financial services sector in the country easier and less cumbersome. In addition, the purpose of the new initiative in Nigeria is to combat tax evasion.
Those expected to use the new platform are 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
Mr Nami in the statement said the Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system portal will be live and active.
“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, etc.) are invited to enrol on the AEOI-CRS portal,” the tax agency said.
According to the directive, each reporting financial institution is required to designate an appropriate officer as Primary User. He disclosed that the PU is the custodian of the Financial Institution’s login details on the portal.
‘’In order to enrol as a Primary User of a Financial Institution 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. Financial Institutions are to further take notice that CRS reports for 2019 are due not later than 30th September 2020,” the statement said.
