Income Tax: FIRS launches online portal for financial institutions

By Tola

As part of its ongoing reforms to align the nation’s tax system with global standards, the Federal Inland Revenue Ser- vice (FIRS) has launched a new Automatic Exchange of Information-Common Reporting Standard (AEOICRS) 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 (AE- OI-CRS) system portal is currently live, open and active. Consequently, all Re- porting Financial Institu- tions (Commercial Banks, Merchant Banks, Discount Houses, Mortgage and De- velopment Banks, Insurance and Life Assurance Companies, Investment Advisers, Trustees, Asset Management Companies, Issuing Houses,Brokers/Dealers, etc.) are invited to enroll on the AEOICRS portal.”

Explaining the simple process of enrolment, the FIRS 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 intro- ducing 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 ac- cess to related AEOI-CRS documents, please visit the FIRS website 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 30^th September 2020.”