Nigerian Government Says Not All Bank Account Holders Are Expected To Fill ‘Self-Certification’ Forms

September 18, 2020
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The Federal Inland Revenue Service (FIRS) has clarified that not all bank account holders in Nigeria, are expected to fill the Self-Certification form.

Nigerian Government Says Not All Bank Account Holders Are Expected To Fill 'Self-Certification' Forms 1

KanyiDaily recalls that in a now deleted tweet, the Federal Government had directed all account holders in the country to obtain, complete and submit self-certification forms in their respective Financial Institutions.

However, following the controversies generated across the nation by the directive, the FIRS has apologised over its misleading tweet, noting that the the Self-Certification form is not meant for everybody.

“We apologise for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly,” it tweeted.

According to FIRS, the directive applied only to bank account holders liable to taxation in Nigeria and in countries abroad, for tax and anti-money laundering monitoring purposes.

“This is to clarify that the publication for financial institutions account holders in Nigeria to complete the self-certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfilment of Automatic Exchange of Information Requirements.

“The Self Certification form is basically to be administered on Reportable persons holding accounts in Financial institutions that are regarded as “Reportable Financial Institutions” under the CRS (Common Reporting Standard).

“Reportable persons are often non-residents and other persons who have residence for tax purposes in more than one jurisdiction or Country. Financial Institutions are expected to administer the Self Certification form on such account holders when information at its disposal indicates that the Account holder is a person resident for tax purpose in more than one jurisdiction.

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes for the KYC (know your customer) and AML (Anti-money laundering) purpose,” the FIRS said on Friday.

Meanwhile, President Muhammadu Buhari has said that Nigeria would have been in trouble by now if his government hadn’t forced unemployed Nigerians to go into agriculture.

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