Income tax: FIRS inaugurates online portal for financial institutions

The Federal Inland Revenue Service (FIRS) says it has inaugurated a new Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for the use of financial institutions in the country.

FIRS Director, Communications and Liaison, Mr Abdullahi Ahmad, said this in a statement in Abuja on Sunday.

Ahmad said the step was part of the service’s ongoing reforms to align the nation’s tax system with global standards.

He quoted the Executive Chairman, FIRS, Mr Muhammad Nami, as calling on reporting financial institutions under the Income Tax (Common Reporting Standard) Regulations 2019 to enroll on the portal.

“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,” he said.

He explained that each Reporting Financial Institution (FI) was required to designate an appropriate officer as Primary User (PU).

According to him, the PU is the custodian of the FI’s login details on the portal.

He said a letter signed by the Chief Executive Officer of the FI introducing the PU to the FIRS was also required as part of the enrolment process.

myfinancialintelligence.com