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FIRS inaugurates online portal for financial institutions in the country

The innovation is part of the agency’s ongoing reforms to align the country’s tax system with global standards.

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The Federal Inland Revenue Service (FIRS) has inaugurated a new Automatic Exchange of Information Common Reporting Standard (AEOI-CRS) system for use by financial institutions in the country.

This new innovation is part of the tax authority’s ongoing reforms to align the country’s tax system with global standards.

This disclosure was made by the Director Communication and Liaison, FIRS, Abdulahi Ahmed, in a statement in Abuja on Sunday, September 6, 2020.

READ: CBN warns banks against rising level of Non Performing Loans

In the statement, he quoted the Executive Chairman, Muhammad Nami, FIRS, as calling on reporting financial institutions under the income Tax (Common Reporting Standard) Regulations 2019 to enroll on the portal.

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According to the statement, the Executive Chairman said, ‘’The Automatic Exchange of Information-Common Reporting Standard (AEOI-CRS) system portal is currently live, open and active.

“Consequently, all Reporting Financial Institutions (Commercial Banks, Merchant Banks, Discount Houses, Mortgage and Development Banks, Insurance and Life Assurance Companies, Investment Advisers, Trustees, Asset Management Companies, Issuing Houses, Brokers/Dealers, etc) are invited to enrol on the AEOI-CRS portal.’’

READ: Finance Act dwindling NIPOST revenue as Post Master General plead for review

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The News agency of Nigeria (NAN) in its report said he explained that each Reporting Financial Institution (FI) was required to designate an appropriate officer as Primary User (PU). He disclosed that the PU is the custodian of the Financial Institution’s login details on the portal.

He also said a letter signed by the Chief Executive Officer of the FI introducing the PU to the FIRS was also required as part of the enrolment process.

READ: MTN Nigeria: Sturdy operating performance buoys growth in Pre-tax Profit

The statement also noted, ‘’In order to enrol as a PU of an FI and have access to related AEOI-CRS documents, please visit the FIRS website at www.firs.gov.ng and navigate the menu tab on Automatic Exchange of Information.’’

“Please do this only if relevant contact details have been forwarded to the FIRS. FIs are to further take notice that CRS reports for 2019 are due not later than 30th September 2020.’’

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Coronavirus

COVID-19 Update in Nigeria

On the 29th of October 2020, 150 new confirmed cases and 2 deaths were recorded in Nigeria

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 62,521 confirmed cases.

On the 29th of October 2020, 150 new confirmed cases and 2 deaths were recorded in Nigeria, having carried out a total daily test of 3,008 samples across the country.

To date, 62,521 cases have been confirmed, 58,249 cases have been discharged and 1,141 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 620,758 tests have been carried out as of October 29th, 2020 compared to 617,750 tests a day earlier.

COVID-19 Case Updates- 29th October 2020,

  • Total Number of Cases – 62,571
  • Total Number Discharged – 58,249
  • Total Deaths – 1,1141
  • Total Tests Carried out – 620,758

According to the NCDC, the 150 new cases are reported from 9 states- Lagos (89), Rivers (19), Ogun (11), Bayelsa (9), Kaduna (8), Plateau (8), Taraba (3), Osun (2), Delta (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 21,106, followed by Abuja (6,028), Plateau (3,630), Oyo (3,433), Rivers (2,809), Edo (2,657), Kaduna (2,641), Ogun (2,027), Delta (1,814), Kano (1,746), Ondo (1,666), Enugu (1,314),  Kwara (1,069), Ebonyi (1,049), Katsina (952), Osun (925), Abia (898), Gombe (883).  Borno (745), and Bauchi (711).

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Imo State has recorded 616 cases, Benue (491), Nasarawa (482), Bayelsa (412),  Ekiti (332), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (257), Sokoto (165), Taraba (146), Kebbi (93), Cross River (87), Yobe (82), Zamfara (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

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The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

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Energy

Nigeria now generates 13,000mw of power – Minister of Power

Nigeria’s installed grid power generation capacity has increased from 8,000mw to 13,000mw under President Muhammadu Buhari.

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FG set to create at least 5 million jobs for youths in the power sector – Minister of Power , Consortium of Western investors to inject upwards of $5 billion in Nigeria's renewable energy sector, Power: Nigeria's deal with Siemens - the birth of a new era?

Minister of Power, Engineer Sale Mamman, disclosed that Nigeria’s installed grid power generation capacity has increased from 8,000mw to 13,000mw under the leadership of President Muhammadu Buhari.

This was stated by the Minister during the 2021 budget defence, before the House of Representatives Committee on Power in Abuja, as reported on the Twitter handle of  the Office of the Minister of Power today.

READ: N2trillion Mambila project: FG starts disbursement of compensation funds

READ: DisCos seek CBN funding for massive roll-out of meters to consumers

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READ: FG targets $150 billion revenue from Zero-oil plan 

However, members of the committee raised concerns about power supply to their various constituencies, urging the minister to ensure adequate supply.

The Minister explained that the distribution system had the capacity to evacuate 5,500mw of power, which is a significant improvement from 4,500mw in 2015, and that better performance should be expected in the near term.

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READ: FG to spend N447.6 billion on Police in 2021

READ: FG set to provide interest-free loans and agricultural inputs to farmers

Engr. Aliyu Magaji (APC-Jigawa), the Chairman of the committee, asked the Minister to mete out stiffer sanctions to the Distribution Companies (DisCos), to make them to sit up and provide the desired services to Nigerian people.

Magaji said that if the minister ensured the sanction of the DisCos, he would become the darling of lawmakers and the entire Nigerians.

READ: FG to inject over N198 billion on capital projects in power sector in 2021

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What they are saying

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On the performance of the Ministry since 2015, Engineer Mamman said:

During the period between 2015 to date, the sector has recorded successes and has faced challenges. In order to deliver this administration’s promise of providing stable and affordable power to Nigerians, a way forward was defined and supported by Mr. President’s political will.

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ENDSARS

Desmond Elliot apologises for addressing the youths as “Children”

Elliot apologised and allegedly broke down in tears on Live TV for addressing #EndSARS protesters as children.

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Desmond Elliot, a member of the Lagos State House of Assembly, apologised and allegedly broke down in tears on live TV for addressing #EndSARS protesters as “Children.”

The lawmaker disclosed this in a statement he issued via his Twitter handle and on a live TV interview on Thursday.

Elliot explained that he was carried away by his emotions, which was the reason he used such a word to describe the protesters on the floor of the house.

He tweeted, “I have read your honest feedback& suggestions& [sic] I sincerely apologize for addressing the youths as ‘Children.’

“I did not mean to be insensitive with this, it was borne out of the magnitude of destruction&looting [sic] of businesses I witnessed when I went on a tour of my constituency.

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“I saw women crying and my constituent members distraught as a result of the damages inflicted on their source of livelihood. I was moved by this while giving my submission on the floor of the House.

“I allowed my emotions get the better of me and for this I apologize to everyone my earlier statements may have hurt.”

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What you should know

The lawmaker, who is also a film maker, in his submission at the House on Thursday, allegedly pushed for the passing of a social media regulation bill.

His controversial statement received lots of criticisms, as many Nigerian youths attacked him for referring to youths as “children” and for also pushing for the regulation of social media.

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