FIRS extends deadline for submission of 2019 financial accounts reports under the CRS

The Federal Inland Revenue Service (FIRS) has extended the deadline for submission of 2019 financial accounts reports under the Common Reporting Standard (CSR) to 30 September, 2020. This is in recognition of the fact that Financial Institutions are faced with challenges that may result in delays in reporting relevant financial account information.

In a public notice containing the extension, it is noted that Service has been inundated with requests for an extension of the time for filing reports by Financial Institutions under the Automatic Exchange of Information Common Reporting Standard (AEOI-CRS) Regulations. The actual due date for submission of the report is 31 May, 2020.

The Chairman of the Service, Muhammed Nami reiterated the commitment of the Service to support all Taxpayers to ease their compliance obligations at all times and particularly during this period of COVID-19 restrictions. He advised all Financial Institutions to take advantage of this extension to prepare and finalize relevant information as required under the Income Tax (Common Reporting Standard) Regulations 2019 and its related Guidelines for reporting by the new deadline.

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