Nigeria

FIRS Clarifies ‘Self-Certification’ Directive For Bank Account Holders

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The Federal Inland Revenue Service has given further clarification on the directive that bank account holders in Nigeria should obtain self-certification forms at their banks.

FIRS Clarifies 'Self-Certification' Directive For Bank Account Holders
Clarifies ‘Self-Certification’ Directive For Bank Account Holders

Odunews.com reports that the federal government ordered all persons holding accounts across financial institutions and insurance firms, to complete and submit self-certification forms.

The FIRS however noted that the guidelines are only for non-residents, and people paying tax in more than one country.

“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.”

“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 said in a statement.

Meanwhile the federal government has apologised to Nigerians for its earlier statement via s tweet on Friday.

The tweet reads, “We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons,” and that, “the FIRS will clarify Nigerians on the objectives of the directive.”

Adelowo Adegboyega
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