Income Tax: FIRS unveils online portal for financial institutions

In line with required reforms on tax system towards meeting up 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.

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 the Chairman of the tax collecting agency, in a statement issued by the FIRS director of Communications and Liaison, Abdullahi Ismaila Ahmed, “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 enroll on the AEOI-CRS portal.

“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.”

To enroll as a PU of an FI and have access to related AEOI-CRS documents, the tax collecting agency directed the key players to visit his website for the relevant links .