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FIRS issues Income Tax (Common Reporting Standard) Implementation and Compliance Guidelines, 2019

FIRS issues Income Tax (Common Reporting Standard)...

The Federal Inland Revenue Service (FIRS) has issued the Income Tax (Common Reporting Standard (CRS)) Implementation and Compliance Guidelines, 2019 (“the Guidelines”).

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Wole Obayomi

Partner & Head, Tax, Regulatory & People Services

KPMG in Nigeria

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FIRS issues Income Tax (Common Reporting Standard) Implementation and Compliance Guidelines, 2019

The Guidelines (attached) was issued to supplement the Income Tax (Common Reporting Standard) Regulations, 2019, which is effective from 1 July 2019, and to give effect to Nigeria’s commitment under the Inclusive Framework on Base Erosion and Profit Shifting and other Exchange of Information Instruments.

The Guidelines consists of three segments as follows:

Part I contains preliminary information and the legal basis for issuance of the Guidelines.

Part II provides general information on the CRS with respect to reporting and due diligence for Financial Account Information, as contained in Part II.B of the Standard for Automatic Exchange of Financial Information (AEOI) in Tax Matters.

Part III contains specific commentaries on the CRS as contained in Part III.B of the Standard for AEOI in Tax Matters. The commentaries in the Guidelines cover the following issues:

  1. General reporting requirements
  2. General due diligence requirements
  3. Due diligence for pre-existing individual accounts
  4. Due diligence for new individual accounts
  5. Due diligence for pre-existing entity accounts
  6. Due diligence for new entity accounts
  7. Special due diligence requirements
  8. Definition of terms
  9. Effective implementation framework

Please click here to read our Tax Alert on the Income Tax (Common Reporting Standards) Regulations, 2019.

We shall issue a detailed newsletter on the Regulations in due course.

For any enquiries on the above, please contact.

Wole Obayomi

ng-fmtaxenquiries@ng.kpmg.com

© 2019 KPMG Professional Services, a partnership registered in Nigeria and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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