The Federal Inland Revenue Services (FIRS) on May 19, 2020, issued a public notice on the extension of the reporting deadline for Reportable Financial Institutions (RFIs), under the Common Reporting Standard (CRS) Regulations. The extension which is effectively for 4 months moves the compliance deadline from 31 May 2020 to 30 September 2020.

This extension is in recognition of the challenges arising from Covid-19 which affect many Reportable Financial Institutions and their ability to meet their filing obligations. The FIRS has asked that the Reportable Financial Institutions take advantage of this extension to collate the necessary information as required by the CRS Regulations and Guidelines.

The extension is expected to give both the FIRS and RFIs enough time to fine-tune their preparedness for the compliance deadline. We hope that the FIRS will release guidelines / information on the jurisdictions which RFIs are to report on, and launch a portal for the filing of the information return as envisaged by the CRS Regulations.

Originally published 20 May 2020

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.