Federal Inland Revenue Service Issues Notice Of Compliance Monitoring Visits To RFIsPosted in CategoryGeneral
IIheonu Nkechi Gloria 3 days ago
Following the filing of the first sets of information returns by Nigerian Reporting Financial Institutions (RFIs) in September 2020, the Federal Inland Revenue Service (FIRS) has issued notifications to selected Nigerian RFIs of its intention to carry out compliance monitoring exercise with respect to Nigerian RFIs reporting obligations under the Income Tax (Common Reporting Standard) Regulations, 2019 (the CRS Regulations).
Specifically, the purpose of the CRS compliance monitoring exercise is to:
We expect that the compliance monitoring exercise will afford RFIs the opportunity to better understand the implementation of the automatic exchange of financial accounts information system in Nigeria.
As the next CRS reporting/submission is due on or before 31 May 2021, FIRS has emphasized the need for RFIs to ensure that their 2021 CRS information returns are submitted through the CRS reporting portal as and when due. Thus, FIRS has advised that RFIs can commence their CRS filings with effect from 1 April 2021 in order to ensure that errors (if any) are effectively corrected and support (if required) is provided by FIRS’ AEOI team before the filing due date.