The Federal Inland Revenue Service (FIRS) has inaugurated a new Automatic Exchange of Information Common Reporting Standard (AEOI-CRS) system for use by financial institutions in the country.
This new innovation is part of the tax authority’s ongoing reforms to align the country’s tax system with global standards.
This disclosure was made by the Director Communication and Liaison, FIRS, Abdulahi Ahmed, in a statement in Abuja on Sunday, September 6, 2020.
In the statement, he quoted the Executive Chairman, Muhammad Nami, FIRS, as calling on reporting financial institutions under the income Tax (Common Reporting Standard) Regulations 2019 to enroll on the portal.
According to the statement, the Executive Chairman said,
‘’The Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system portal is currently live, open 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 News agency of Nigeria (NAN) in its report said he explained that each Reporting Financial Institution (FI) was required to designate an appropriate officer as Primary User (PU). He disclosed that the PU is the custodian of the Financial Institution’s login details on the portal.
He also said a letter signed by the Chief Executive Officer of the FI introducing the PU to the FIRS was also required as part of the enrolment process.
The statement also noted, ‘’In order to enrol 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. FIs are to further take notice that CRS reports for 2019 are due not later than 30th September 2020.’’