''Are we still unknown in this country?'' – Nigerians react to self-certification form order

 

FIRS Chairman, Mohammad Nami

Nigerians have reacted to the directive by the Federal government to account holders in financial institutions to submit self-certification forms.

The Federal government ordered all account holders in financial institutions to submit self-certification forms to their respective institutions.

The FG stated this on Thursday, September 17 via its twitter account, Government of Nigeria.

‘’@NigeriaGo’’

According to the tweet, ‘’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.

‘’Persons holding accounts in different financial institutions is required to complete & submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019

‘’The self-certification form is in 3 categories:

– Form for Entity

– For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc)

– Form for individual

‘’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. For more enquiries visit

@firsNigeria

 website (http://firs.gov.ng) for more details.’’ 

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The Federal Inland Revenue service which confirmed the statement on his twitter handle, FIRS Nigeria

@firsNigeria, 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.

‘’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.’’

Reacting to this on Twitter, Nigerians have lamented over the filling of the forms, when other forms of Identites were enforced in the Financial institutions.


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