Nigeria’s Common Reporting Standards – 6 Crucial Things Your Financial Institution Should know (Part 2)

  1. What Information is required under the CRS

Reporting Financial Institution (RFI) – Simply put, these are institutions located in participating jurisdictions that is not a Non-Reporting Financial Institution. As mentioned earlier they are depository institutions, custodial institutions, investment entities and specified insurance companies

Non-Reporting Financial Institution means a financial institution that is excluded from reporting and includes government entity, participation retirement fund, other low risk entity, an exempt collective investment vehicle and a Trust to the extent that the trustee is a RFI and reports all information required with respect to Reportable accounts of the Trust. A RFI is required to gather and share with the Federal Inland Revenue Service (FIRS) information about financial accounts held by individuals and corporate entities that are tax resident in a Common Reporting Standard (CRS) participating jurisdiction. The FIRS would in turn share this information with the participating jurisdiction in which the account holder is tax resident, the details include;

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