FIRS releases the income Tax (Income Reporting Standard) Regulations 2019

FIRS releases the Income Tax (Common Reporting Standard) Regulations 2019

The Federal Inland Revenue Service (FIRS) recently released the Income Tax (Income Reporting Standard) Regulations (The Regulations). The Regulations seek to give effect to various international conventions, treaties and guidelines between Nigeria and other contracting States with respect to mutual administrative assistance, automatic exchange of financial account information and compliance with common reporting standards and the relevant provisions of the FIRS (Establishment) Act and Companies Income Tax Act relating to FIRS’ power to call for returns and access taxpayer’s records.