Finance & EconomyNews

FIRS inaugurates new Automatic Exchange Reporting Standard

The Federal Inland Revenue Service, FIRS, has inaugurated a new Automatic Exchange of Information-Common Reporting Standard, AEOI-CRS, system for the use of financial institutions in the country.
According to the report from the FIRS the platform is aimed at liaising with commercial banks and other financial institutions for the deduction of income tax of Nigerian workers.
The platform, this newspaper gathered, would address tax evasion by some workers, especially in the private sector.

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Confirming the development in a statement on Sunday, the FIRS Director, Communications and Liaison, Abdullahi Ahmad, said the step was part of the service’s ongoing reforms to align the nation’s tax system with global standards.
He quoted the Executive Chairman, FIRS, Muhammad Nami as calling on reporting financial institutions under the Income Tax (Common Reporting Standard) Regulations 2019 to enroll on the portal.

“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 enroll on the AEOI-CRS portal,” he said.
He explained that each Reporting Financial Institution (FI) was required to designate an appropriate officer as Primary User (PU).

According to him, the PU is the custodian of the FI’s login details on the portal.
He 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.
“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. FIs are to further take notice that CRS reports for 2019 are due not later than 30th September 2020,” he said.

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