Just In: “It Is Not For Everybody”– FG Issues Apology, Clarifies FIRS Self-Certification Notice

by on September 18, 2020

The Federal Government of Nigeria has issued an apology for some misinformative tweets on its official Twitter account, which caused an uproar amongst Nigerians Thursday. The tweets have been deleted, the Government said.

The Nigerian Government had yesterday directed its citizens “with accounts in any financial institutions” to obtain, complete and submit Self – Certification Forms to their respective financial institutions.

The financial institutions comprise of banks and insurance companies, among others.

“Failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account,” it had noted to the consternation of citizens.

READ  India's Food Minister, Ram Paswan Dies At 74

Responses had included questions on the need for extra registration, after having acquired a National Identification Number (NIN), and Bank Verification code (BVN).

The Federal Government in a brief statement on Friday however said the injunctions contained in yesterday’s notice from the Federal Inland Revenue Service (FIRS), does not apply to everyone.

“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”.

Meanwhile, FIRS had responded to the now deleted information from the FG, saying the self certification form applies to Reportable Persons alone:

READ  #SARSMUSTEND: No Going Back on This, Get Ready To Shoot More People- Mr Macaroni

FIRS further classified Reportable Persons as non-residents and other persons who have residence for tax purposes in more than one jurisdiction or Country.

The Revenue Service Agency said:

“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.”

Be the first to comment!
Leave a reply »


Leave a Response