The Federal Government of Nigeria has apologized for the instruction issued to account holders in the country to fill and submit “Self-Certification form” with their respective financial institutions on Wednesday.
In its apology of Friday, the FG called the instruction it gave a misleading tweet. It said the notice which threatened a monetary penalty or inability to operate one’s account does not apply to everyone but only to reportable persons.
The Federal Government of Nigeria had in a tweet on Thursday (now deleted) ordered all Nigerians with bank accounts to fill and submit Self-Certification forms despite having Bank Verification Number (BVN) or National Identification Number (NIN) sparking outrage from Nigerians across Social Media.
FG on Friday via its official Twitter handle wrote “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
In a press statement, the Federal Inland Revenue Service explained that only “reportable persons” are expected to submit the form.
The statement read, “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 a 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.”
Written by;
Ifunanya Ikueze
