The Federal Inland Revenue Service has inaugurated a new Automatic Exchange of Information Common Reporting Standard system for use by financial institutions in Nigeria.
This system is part of the agency’s ongoing reforms to align the country’s tax system with global standards.
This was disclosed by the Director Communication and Liaison, FIRS, Abdulahi Ahmed, in a statement in Abuja on Sunday.
In the statement, he quoted the Executive Chairman, Muhammad Nami, as calling on reporting financial institutions under the Income Tax (Common Reporting Standard) Regulations 2019 to enroll on the portal.
The statement quoted the executive chairman as saying, “The Automatic Exchange of Information-Common Reporting Standard 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.”
He explained that each reporting financial institution was required to designate an appropriate officer as ‘Primary User,’ adding that the PU is the custodian of the institution’s login details on the portal.
According to him, 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.
