ARTICLE · 22 SEPTEMBER 2020

Briefing Note: Income Tax (Common Reporting Standard) Regulations 2019

Moroom Africa Legal Consults

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This briefing note is designed to give some practical guidance to the Income Tax (Common Reporting Standard) Regulations 2019 (the ‘'Regulation'') and the recently clarified directive (the ‘‘Directive'') of the Federal Government of Nigeria (the ‘‘FGN'').

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Moroom Africa Legal Consults

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BACKGROUND

This briefing note is designed to give some practical guidance to the Income Tax (Common Reporting Standard) Regulations 2019 (the ''Regulation'') and the recently clarified directive (the ''Directive'') of the Federal Government of Nigeria (the ''FGN'').

The Regulation in question was issued further to the powers conferred on the Federal Inland Revenue Service Board (the ''Board'') by Section 61 of the Federal Inland Revenue Service (Establishment) Act, No. 13 2007 (the ''Act''). The Regulation was passed following Nigeria's signing of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the ''MAC'') and the Multilateral Competent Authority Agreement (the ''MCAA'') on the Automatic Exchange of Financial Account Information, signed by Nigeria on 17 August 2017.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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