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Nigeria: Guidelines under CRS regime

Nigeria: Guidelines under CRS regime

The Federal Inland Revenue Service issued the “Income Tax (Common Reporting Standard (CRS)) Implementation and Compliance Guidelines, 2019” as guidelines to give effect to Nigeria’s commitment under the inclusive framework on base erosion and profit shifting (BEPS) and other exchange of information instruments.


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The guidelines consist of three segments:

  • 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 the standard for automatic exchange of financial information (AEOI) in tax matters
  • Part III contains specific commentaries on the CRS that cover the following issues:
    • General reporting requirements
    • General due diligence requirements
    • Due diligence for pre-existing individual accounts
    • Due diligence for new individual accounts
    • Due diligence for pre-existing entity accounts
    • Due diligence for new entity accounts
    • Special due diligence requirements
    • Definition of terms
    • Effective implementation framework

Read a September 2019 report [PDF 242 KB] prepared by the KPMG member firm in Nigeria

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