FIRS Releases Income Tax (Common Reporting Standard) Implementation And Compliance Guidelines 2019

Summary

The Federal Inland Revenue Service (FIRS) has issued the Income Tax (Common Reporting Standard) Implementation and Compliance Guidelines (the "guidelines"). The guidelines were issued to supplement the Income Tax (Common Reporting Standard) Regulations, 2019 (the Regulations). It is aimed at giving effect to Nigeria's commitment under the inclusive framework with respect to base erosion and profit shifting and exchange of information.

Details

The guidelines provide for a common standard on reporting and due diligence for financial account Information, in accordance with the provisions of the Organization for Economic Co-operation and Development (OECD)'s approved Standard for Automatic Exchange of Financial Account Information (AEOI) on Tax Matters.