As part of its ongoing reforms to align 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 for the use of financial institutions in the country.
A statement issued by the Director of Communication and Liaison Departments, Abdullahi Ismaila, said the Executive Chairman, FIRS, 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.
Nami said the AEOI-CRS system portal will be live 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 enroll on the AEOI-CRS portal.”
