Financial Institutions Get Deadline Extension to Submit Reports

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Financial Institutions, Get Deadline Extensio, Submit Reports

The Federal Inland Revenue Service (FIRS) has extended the deadline for the submission of 2019 financial accounts reports under the Common Reporting Standard (CRS) to September 30, 2020.

The executive chairman of FIRS, Muhammad Nami, said in a Twiter statement on Tuesday that the adjustment in the deadline for submission was due to the reality of the challenges faced by financial institutions.

FIRS had earlier ordered that financial institutions should file their reports under the Automatic Exchange of Information Common Reporting Standard (AEOI-CRS) regulations on May 31.

But the chairman said his office had received numerous requests from a number of institutions for an extension of the time to file the reports.

He therefore urged all financial institutions to ensure that the extension is used to prepare and finalise relevant information as required under the Income Tax (Common Reporting Standard) Regulations 2019 and its related guidelines for reporting by September 30.

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