Income tax: FIRS launches online portal for financial institutions

Isola Moses | ConsumerConnect

As part of its ongoing reforms to align Nigeria’s tax system with global standards, the Federal Inland Revenue Service (FIRS) says it has inaugurated a new Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for the use of financial institutions in the country.

Mr. Abdullahi Ahmad, Director of Communications and Liaison, FIRS, in a statement disclosed this Sunday, in Abuja, FCT.

The Director of Communications and Liaison stated that the step was part of the tax body’s ongoing reforms to align the nation’s tax system with international standards.

Ahmad said Mr. Muhammad Nami, Executive Chairman of FIRS, has urged reporting financial institutions under the Income Tax (Common Reporting Standard) Regulations 2019 to enroll on the portal.

He 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.”

Others are “Investment Advisers, Trustees, Asset Management Companies, Issuing Houses, Brokers/Dealers, etc.) are invited to enroll on the AEOI-CRS portal.”

Each Reporting Financial Institution (FI) is required to designate an appropriate officer as Primary User (PU) in the new arrangement, according to him.

He disclosed that the PU is the custodian of the FI’s login details on the portal.

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, he said.

Ahmad stated: “In order to enroll as a PU of an FI and have access to related AEOI-CRS documents, please visit the FIRS Web site 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.”

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