The common reporting standard framework was birthed by OECD to which several countries have signed up on. Nigeria has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes legally bound to implement the automatic exchange of information as a precondition for benefitting from the program.
In simplistic terms Nigeria must exchange the financial information of persons; organization and corporates that have transactions and account balances with the financial institutions in its jurisdictions subject to the exemptions contained in the regulation and the explanatory compliance guidelines.
Data to be exchanged has to be sourced from the designated reporting financial institutions and the regulations saddles reporting financial institutions with the onerous responsibilities of profiling transactions and accounts and instituting rigorous due-diligent studies for the determination of reportable accounts and transactions. Documentation of these processes are also required as well as making due representation, on need basis, with the tax authorities on filings and the contents thereof.
Goldwyns is able to assist organizations in the development of due-diligence documentation, capacity development for the implementation of due-diligence framework within specific organizations systems, compilation of period filings and representing companies for filings made respecting Common Reporting Standard.