Nigeria: Preparation and filing of first CRS return for 2020

Nigeria: Preparation and filing of first CRS return

Financial institutions in Nigeria are required to comply with the common reporting standard (CRS) regulations for the submission of information of reportable persons reported annually to the Federal Inland Revenue Service (FIRS) by 31 May of each year.

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Summary

Nigeria in August 2017 joined other signatories to the CRS-Multilateral Com­petent Authority Agreement (CRS-MCAA) as part of its commitment to combat tax evasion globally. Subsequently, the Income Tax Common Report­ing Standard Regulations, 2019 were issued as the legal basis for the implementation of the Automatic Exchange of Information (AEOI) in Nigeria.

According to the regulations, financial institutions—including banks, asset management compa­nies, life insurance companies, and funds—are required to prepare and submit to FIRS CRS returns with information on reportable persons, for FIRS’s onward exchange with tax authorities of other participating jurisdictions.

While some financial institutions successfully filed their CRS returns before the deadline, other stakeholders have encountered challenges in the preparation and filing of the return given that 2020 was the first year of compliance in Nigeria.

Read a March 2021 report prepared by the KPMG member firm in Nigeria 

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