FIRS Moves To Boost Income Tax Payment

• Launches Online Portal For Financial Institutions

BY COBHAM NSA, ABUJA – Determined to align Nigeria’s tax system with global best practices and further boost monthly earnings by the Federal government, the Federal Inland Revenue Service (FIRS) has launched a new Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for deployment by financial institutions nationwide.

Executive Chairman of FIRS, Mr Muhammad Nami, announced the new arrangement in a notice requesting reporting financial institutions under the Income Tax (Common Reporting Standard) Regulations 2019 to enroll on the portal.

According to Nami, “the Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system portal is currently live, open and active”, adding that the initiative is part of ongoing reforms to reposition the tax sector for effective service delivery.

“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”, he said.

Hinting that the process of enrolment has been made simple, the FIRS boss explained 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.

In addition, he said; “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 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 aeoi.enquiries@firs.gov.ng or sanya.gbonjubola@firs.gov.ng”, a statement signed by Abdullahi Ismaila Ahmad, FIRS’ Director of Communications and Liaison Department said on Sunday.