The Federal Government has apologized for asking all account holders to re-register vide a completion of a self-certification form, noting that it is inapplicable to everyone.
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This is contained in a tweet on Friday which was sighted by TheNigeriaLawyer (TNL).
“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.”
It would be recalled that the FG had earlier on tweeted requesting members of the public to go and re-register and in the event of non-compliance, threatened sanctions.
“This is to notify 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.
“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.” The FG had said.
TNL further recalls that the Federal Inland Revenue Service had earlier on issued a clarification, noting that it is only applicable to “reportable persons”.
“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.
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
“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 the 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 the account opening processes for the KYC and AML purpose,” FIRS said.
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