The Federal Inland Revenue Service (FIRS) as part of it’s ongoing reforms in the nation’s tax system has launched a new Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for the use of financial institutions in the country.

The 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.