The Federal Government has apologised for a misleading tweet that ordered all account holders in any of the country’s financial institutions to collect and submit a self-certification form.
The government had announced in a now-deleted tweet that: the general public that all account holders in financial institutions (Banks, Insurance, companies, etc) are required to obtain, complete, and submit self-certification forms to their respective financial institutions.
“Persons holding accounts in different financial institutions are required to complete & submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures inline with the income tax regulations 2019.”
However, the Federal Government on Friday apologised for the misleading information, saying that not everyone would have to re-register with the banks.
“We apologize 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.”
FIRS Sheds More Light on Self-certification Form
The Federal Inland Revenue Service, FIRS, explained that the self-certification form was basically to be administered on Reportable persons holding accounts in Financial institutions that were regarded as “Reportable Financial Institutions” under the Common Reporting Standard (CRS), saying that Reportable persons were often non-residents and other persons who have a residence for tax purposes in more than one jurisdiction or Country.
This means that you have to fill the form if you have a foreign bank account, shares, controlling stakes, or other assets in any other country besides Nigeria. Also, if you have earned dividends, interests on your savings, royalties, director’s fees or you are non-resident but with business or income from Nigeria. Then this form might concern you.
“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 and AML purpose,” the FIRS explained.
According to the Nigerian government, the self-certification is in 3 categories:
- Form for entity
- For Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc)
- Form for individuals
