1. Great session @DeloitteNigeria Breakfast Seminar on Common Reporting Standard Regulation for CFOs and CCOs of Financial Institutions. #DeloitteTaxCRS 
2. Speakers at the event include Mr Ogunjemilusi @FIRSNigeria Director Tax Policy & Exchange of Information Unit and John Ashilere, Deputy Manager Exchange of Information #DeloitteTaxCRS
3. Olutoyin Ojomalade, Regional Tax Head of @StanChatNG and @DeloitteNigeria Transfer Pricing Leader @taiwookuns provided expert analysis of the Regulation and the shape of things to come #DeloitteTaxCRS
4. @Chijioke_Odo @Ibe_Wogu and @OyindamolaAgu of @DeloitteNigeria co-speakers at the Seminar on @DeloitteNigeria’s approach at supporting clients in meeting the onerous compliance burden #DeloitteTaxCRS
5. The world is now a global village and cross-border trading is the new norm. New business models and tools create challenge for Tax Authorities and thus necessitates global collaboration #DeloitteTaxCRS
6. Ensuring fair tax payment across jurisdictions require cooperation and appropriate tools for verifying compliance #DeloitteTaxCRS
7. The Global Forum on Transparency and Exchange of Information for Tax Purposes is leading the way in tax transparency with Automatic Exchange of Information #DeloitteTaxCRS
8. Common Reporting Standard Regulations (CRS) was recently released by @FIRSNigeria to give effect to commitments of Nigeria to automatic exchange of information with other countries #DeloitteTaxCRS
9. CRS is a global standard for the exchange of financial account information to combat offshore tax evasion and improve tax compliance around the globe #DeloitteTaxCRS
10. CRS is largely based on the approach of the US Foreign Accounts Tax Compliance Act (FATCA) but there are significant differences between the two regimes, most notably due to CRS being based on jurisdiction of tax residence #DeloitteTaxCRS
11. Automatic exchange of information is seeking to combat offshore tax evasion, illicit financial flows and assist countries to effectively tax foreign source income of their residents #DeloitteTaxCRS
12. It is also valuable not only to assist Countries raise the needed revenue, but also to build a coordinated global system that provide no hiding place for tax evaders #DeloitteTaxCRS
13. There’s always been mechanisms by which tax authorities exchange information with their counterparts –by request or just spontaneous. Automatic information exchange provides a multi-party exchange route using common standard #DeloitteTaxCRS
14. Many Countries have been engaging in AEOI. The OECD has always facilitated AEOI by creating the legal framework, developing technical standards, providing guidance and training and seeking to improve automatic exchange at a practical level #DeloitteTaxCRS
15. More than 100 countries have started to implement the CRS and have exchanged information since 2017/2018 #DeloitteTaxCRS
16. South Africa and Mauritius are two African countries that have implemented CRS. With regulatory framework now in place, infrastructure to support automatic exchange of information are already being but in place in Nigeria #DeloitteTaxCRS
17. With CRS, financial institution are expected to provide information about their customers to tax authorities who will in turn share the information with their counterparts in other countries #DeloitteTaxCRS
18. Financial institutions are required to collect and report “specified information” to @FIRSNigeria who are then able to exchange that information with their automatic exchange partners #DeloitteTaxCRS
19. At the Seminar, Financial institutions expressed worry over limited/non-existent consultation with stakeholders ahead of May 2020 reporting deadline #DeloitteTaxCRS
20. Financial Institution are expected to provide Information Return about Financial Account identified as a Reportable Account that is maintained by the institution #DeloitteTaxCRS
21. Information to be shared include name, address, jurisdiction of residence, TIN, date and place of birth (in the case of an individual) of each Reportable Person that is an Account Holder of the account #DeloitteTaxCRS
22. In the case of an Entity, name, address, jurisdiction of residence and TIN of the Entity are all required to be shared with @FIRSNigera in specified formats #DeloitteTaxCRS
23. Failure to comply with a duty or obligation imposed by the AEOI-CRS Regulations attracts penalty of N10m for each of such failure, and N1m for every month in which the failure continues #DeloitteTaxCRS
