Following reports on Thursday that the Federal Inland Revenue Services, FIRS, directed all bank account holders to complete a certification form, the Federal Government has stated that the new procedure is not for all bank customers.
In a statement on Twitter, the Federal Government said:
“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”
FIRS Clarification
The agency said the form is pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 and in fulfillment of Automatic Exchange of Information Requirements.
FIRS explained that it would be administered on reportable persons holding accounts in financial institutions regarded as “Reportable Financial Institutions” under the CRS.
It said 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
