The federal government led by President Muhammadu Buhari has apologized to Nigerians for giving misleading information on the completion of self-certification forms by bank account holders.
The government acknowledged it made a mistake in its earlier directive as regards the category of people expected to complete a self-certification form.
Naija News recalls the federal government had on Thursday, 17th September 2020, ordered all persons holding accounts across financial institutions and insurance firms to complete and submit Self-certification forms, adding that failure to comply may include a monetary penalty or inability to operate the account.
The directive caused outrage as Nigerians condemned the directive, highlighting that such information could be easily retrieved from Bank Verification Number (BVN) registration and other citizen data available to the government.
However, the FG has now acknowledged that it made a mistake on the category of people expected to fill the self-certification form.
In an update released on Friday morning via the government’s official Twitter handle, it apologized and noted that the Federal Inland Revenue Service (FIRS) will issue a clarification on the matter.
“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.”
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 pic.twitter.com/KBiPh0lCwJ
— Government of Nigeria (@NigeriaGov) September 18, 2020
This online news medium has also obtained the full statement by the FIRS in which it clarified the category of persons expected to fill and submit a self-certification form.
“This is to clarify 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.”
“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 and AML purpose”
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