Global Upfront Newspapers
Breaking News Business Cover News

Federal Inland Revenue Service launches income tax online portal for financial institutions

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.

 Executive Chairman, 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 Mr. Nami, “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.”

 Explaining the simple process of enrolment, the FIRS Executive Chairman stated 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.  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”.

Advertize With Us

See Also:

Nigeria, Lebanon collaborate to return stranded Nigerians

Global Upfront

EndSARS: Discover Africa News suspends Editor over comments against protests in Nigeria

Global Upfront

National Assembly members want to hijack recruitment of 774,000 workers by FG, Keyamo fumes

Global Upfront

FRSC records 3,947 crashes, 1,758 deaths in Q1 2020

Global Upfront

Africa’s outlook is positive,’ African Development Bank tells Indian investors and officials

Global Upfront

English Premier League can show more matches on free-to-air TV, UK Minister says

Global Upfront

Boko Haram dares Buratai, launch attack on Army base where he relocated to in Borno State

Global Upfront

President Buhari’s broadcast speech

Global Upfront

(Exclusive: Read Details of Obasanjo-Kashamu Letters) – Obasanjo has been consistent on Kashamu, No love lost between them

Global Upfront

Google to pay some news publishers for content

Global Upfront

This website uses Cookies to improve User experience. We assume this is OK...If not, please opt-out! Accept Read More