FIRS Launches Online Portal On Income Tax

The Federal Inland Revenue Service (FIRS) has launched the Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for financial institutions on administering income tax.

The Executive Chairman of FIRS, Mr. Muhammad Nami, disclosed this in Abuja. He said the portal was part of its ongoing reforms to align the nation’s tax system with global standards.

“The AEOI-CRS system portal is currently live, open and active. Consequently, all reporting Financial Institutions (FI) – 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, among others are invited to enroll on the AEOI-CRS portal.”

He directed the institutions to the agency’s website for further details on the enrolment process, noting that reporting begins immediately.

“FIs are to further take notice that the Common Reporting Standard (CRS) reports for 2019 are due not later than 30th September 2020.”