Common Reporting Standard Compliance in Nigeria: What next to consider?

Common Reporting Standard Compliance in Nigeria: What next to consider?

As taxpayers approach another Automatic Exchange of Information (AEOI) – Common Reporting Standard (CRS) returns filing season, financial institutions in Nigeria would need to take note of their CRS reporting obligations as provided in the Income Tax (Common Reporting Standard) Regulations, 2019 (CRS Regulations) and the Income Tax (Common Reporting Standard) Implementation and Compliance Guidelines, 2019 (CRS Guidelines).

FIRS launches an online reporting portal for financial institutions on AEOI-CRS

The Federal Inland Revenue Service (FIRS) has launched an online AEOI-CRS reporting portal to be used by reporting financial institutions (RFI) in Nigeria for CRS reporting purpose.

Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions

Federal Inland Revenue Service extends AEOI-CRS reporting deadline for financial institutions

The Federal Inland Revenue Service (FIRS) on, Tuesday, 19 May 2020, released a public notice extending the deadline for reporting and filing of information return for the 2019 calendar year under the Income Tax (Common Reporting Standard) Regulations, 2019 (the CRS Regulations) from 31 May 2020 to 30 September 2020.