“FIRS AEOI-CRS IS LIVE.” Federal Inland Revenue Service (FIRS) has launched an AEOI-CRS (automatic exchange of information-common reporting standard) portal for the use of financial institutions in the country. All reporting financial institutions under the Income Tax (Common Reporting Standard) Regulations 2019 are encouraged to enroll on the portal

The Federal Inland Revenue Service (FIRS) and the Lagos Internal Revenue Board (LIRS) signed a Memorandum of Understanding (MOU) on the 6^th of February, 2023 to enhance cooperation and collaboration in tax administration. Some areas of cooperation in the MOU include: exchange of information and intelligence to identify potential tax defaulters, joint enforcement activities, capacity building initiatives and the development of technological solutions to streamline tax processes. This collaboration aims to optimize tax collection efforts, reduce overlapping tax assessments and enhance the overall efficiency and effectiveness of tax administration in Lagos State and Nigeria.

The Federal Inland Revenue Service (FIRS) and the United Kingdom’s His Majesty’s Revenue and Customs (HMRC) signed a Memorandum of Understanding (MOU) to strengthen cooperation and information sharing in tax matters on March 16, 2023. This partnership is aimed at combating tax evasion, promote tax transparency and enhance tax administration between the two tax authorities. Areas of collaboration include exchange of tax information, mutual assistance in tax collection, capacity building and joint initiatives to tackle cross-border tax evasion and avoidance. The agreement enables FIRS and HMRC to share information on taxpayers, facilitate the detection of tax irregularities and support the proper enforcement of tax laws.

The Organization for Economic Cooperation and Development (OECD) and Nigeria engaged in discussions from April 5 – April 6 2023, where they explored ways of maximizing the benefits of the two-pillar tax solution.

The Two-Pillar Solution, a proposal by the OECD Inclusive Framework, is a set of proposed rules, endorsed by 138 countries across the world as a uniform solution to the tax challenges of the digitalized economy, as well as Base Erosion and Profit Shifting.

As at 2021, Nigeria’s tax-to-GDP ratio is now reported to be 10.86%. The tax-to-GDP ration is a measure that indicates the level of tax revenue collected by a country in relation to its Gross Domestic Product (GDP). It provides insights into the size and efficiency of a country’s tax system. The new ratio was communicated to the Federal Inland Revenue Service (FIRS), via a letter signed by the Statistician- General of the Federation, Prince Adeyemi Adeniran, on the 25^th of May, 2023, following a joint review by the Nigerian Bureau of Statistics (NBS), in collaboration with the Ministry of Finance and the FIRS, using data from 2010 to 2021. The revision took into account revenue items hitherto not previously included in the computations; particularly, relevant revenue collected by other agencies of government.

The FIRS’s Customer Care Policy is a commitment to set standards for excellent service delivery to taxpayers, customers and stakeholders in accordance with the provisions of the FIRS’s integrated charter and service improvement plans.

The FIRS commits to uphold professionalism, integrity, efficiency and take collective responsibility in ensuring that it provides efficient and effective service to support taxpayers, customers and stakeholders in the discharge of their responsibilities and/or as they undertake business with the Service.