TheCable

The Federal Inland Revenue Service (FIRS) has launched an automatic exchange of information-common reporting standard (AEOI-CRS) system for the use of financial institutions in the country.

In a statement on Sunday, Abdullahi Ahmad, FIRS director of communications and liaison, said the portal is a step towards aligning the country’s tax system with global standards.

Ahmad quoted Muhammad Nami (pictured), the FIRS executive chairman, as calling on reporting financial institutions under the income tax (common reporting standard) regulations 2019 to enrol on the portal.

“The Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system portal is currently live, open and active,” the statement read.

“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 said.

He explained that each reporting financial institution (FI) was required to designate an appropriate officer as the 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 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.

“For further information, send enquiries to [email protected] or [email protected].”