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Nigeria: Regulations implementing CRS regime
Nigeria: Regulations implementing CRS regime
The Federal Inland Revenue Service (FIRS) issued the Income Tax (Common Reporting Standard (CRS)) Regulations, 2019. The effective date of the regulations is 1 July 2019.
The Federal Inland Revenue Service (FIRS) issued the Income Tax (Common Reporting Standard (CRS)) Regulations, 2019. The effective date of the regulations is 1 July 2019.
The regulations implement the following instruments:
- Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (AEOI) signed by Nigeria in August 2017
- CRS regime and its commentaries contained in the Standard for AEOI in Tax Matters, approved by the Organisation for Economic Cooperation and Development and set out in the AEOI Implementation and Compliance Guidelines
The scope of the regulations concerns:
- Matters under the CRS regime in Nigeria with respect to financial institutions’ implementation and compliance with the guidelines
- Requirements regarding the due diligence procedures with respect to financial accounts and the reporting of financial account information to the FIRS that financial institutions will comply with when implementing and applying the guidelines
- Requirements with respect to the effective implementation of the CRS regime in Nigeria
The regulations require a “reporting financial institution” for the 2019 calendar year and every subsequent calendar year, to file an “information return” with the FIRS setting out the information required to be reported about every “reportable account” that is maintained by the financial institution at any time during the calendar year. When a reporting financial institution has identified it has no reportable accounts, the regulations require that the financial institution file an information return with the FIRS stating that it maintained no reportable accounts for that year. The deadline for submission of the information return under the regulations is 31 May of the year following the calendar year to which the return relates.
Read a September 2019 report [PDF 171 KB] prepared by the KPMG member firm in Nigeria
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.
