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TAXATION: Banks Set To Release Customers’ Information To FG

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The Deposit Money Banks in the country are about installing appropriate technologies that will enable them to submit the information of wealthy customers and other taxpayers to the Federal Government under the Common Reporting Standard programme CRS, which Nigeria signed up to last August.

The programme, an automatic exchange of information, is being driven by the Organisation for Economic Co-operation and Development, an intergovernmental body with 35 member countries.

The CRS, which is similar to the United States Foreign Account Tax Compliance Act, promotes sharing of information across borders.

The Federal Government has also signed up to the Beneficial Ownership Register with the United Kingdom for the purpose of driving the Voluntary Asset and Income Declaration Scheme.

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