FIRS

As part of its ongoing reforms to align with 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 to be utilized by financial institutions in the country.

Executive Chairman, FIRS, Mr Muhammad Nami, announced the deployment of the AEOI-CRS) in a notice calling on reporting financial institutions under the Income Tax (Common Reporting Standard) Regulations 2019 to enrol on the portal.

According to Mr. Nami, “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.”

Explaining the simple process of enrolment, the FIRS Executive Chairman stated that “each Reporting Financial Institution (FI) is required to designate an appropriate officer as Primary User (PU).

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 is required as part of the enrolment process.

According to the FIRS boss, to enrol as a PU of an FI and have access to related AEOI-CRS documents, the FIRS website at http://www.firs.gov. ng should be visited and navigate the menu tab on Automatic Exchange of Information.

He, however, cautioned that the above operation should be carried out only if relevant contact details have been fo