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FIRS launches Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system

The Federal Inland Revenue Service (FIRS) has launched an Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system for the use of financial institutions in reporting classified financial account of Non-residents in the country.

In a statement by the Agency, the implication of the AEOI-CRS is that, Nigeria’s tax system is aligned with global standards in Financial Reporting as it enables Nigeria to exchange information with other countries on non-resident taxpayers.

FIRS also noted that, AEOI-CRS “will increase transparency and accountability in tax administration.

“For the avoidance of doubt, FIRS administers Personal Income Tax (PIT) for workers in the Armed Forces, the Police, Foreign Affairs and Non-resident individuals ONLY. Deployment of AEOI-CRS does not imply connecting to workers’ bank accounts or deducting workers’ PIT at source.

“We like to reiterate that the Service will continue to work in collaboration with other stakeholders to make Taxation the pivot of national development.”

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Written by IJAM.ng

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