The Federal Inland Revenue Service (FIRS) has issued the Income
Tax (Common Reporting Standard) Regulations, 2019 (CRS
Regulations).
This follows Nigeria's signing of the Multilateral
Convention on Mutual Administrative Assistance in Tax Matters (MAC)
and the Multilateral Competent Authority Agreement (MCAA) on the
Automatic Exchange of Financial Account Information, signed by
Nigeria on 17 August 2017.
Fundamentally, the CRS Regulations and the various agreements
signed by the FIRS will allow it to receive specified information
on the bank accounts held by Nigerian tax residents in up to 105
countries. In exchange, the FIRS will be obligated to provide
similar information to these other countries.
