Income Tax: FIRS Launches Online Portal for Reporting Financial Institutions

Muhammed Nami, former Executive Chairman FIRS.

Malik Yahya/

As part of its ongoing reforms to align Nigeria’s tax system with global standards, the Federal Inland Revenue Service (FIRS) has launched an online portal named Automatic Exchange of Information-Common Reporting Standard, (AEOI-CRS) for the use of reporting financial institutions.

Executive Chairman of 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 enroll on the portal.

According to Nami, “the AEOI-CRS portal is currently live, open and active. Consequently, all Reporting Financial Institutions, including 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, are invited to enroll on the portal”.

In a statement explaining the process of enrolment, the FIRS Director of Communications and Liaison, Abdullahi Ahmad 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”.

“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 to Automatic Exchange of Information. Please do this only if relevant contact details have been forwarded to the FIRS,” Ahmad further stated.

He added that “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 aeoi.enquiries@firs.gov.ng or sanya.gbonjubola@firs.gov.ng”.

Editor