ARTICLE · 04 JUNE 2020

FIRS Extends Deadline For Filing Information Returns Under The AEOI-CRS

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On 19th May, 2020, the Federal Inland Revenue Service ("FIRS" or "the Service") issued a Public Notice to all Reporting Financial Institutions (RFIs) that it has extended the deadline for filing 2019 Information Returns under the ...

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Summary

On 19th May, 2020, the Federal Inland Revenue Service ("FIRS" or "the Service") issued a Public Notice to all Reporting Financial Institutions (RFIs) that it has extended the deadline for filing 2019 Information Returns under the Automatic Exchange of Information Common Reporting Standard (AEOI-CRS) from 31st May, 2020 to 30th September, 2020.

Details

Regulation 5 of the Income Tax (Common Reporting Standard) Regulations 2019 (CRS Regulations) provides for the obligation to file the Information Return. This provision makes it mandatory for RFIs to file an Information Return, setting out the required information under CRS Regulations on or before 31st May of the year following the calendar year to which the return relates.

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