The Federal Inland Revenue Service (FIRS) has explained that the Federal Government announced self-certification forms for bank account holders, was not for every Nigerian.
This comes as the federal government on it’s twitter handle on Friday apologized over the misleading tweet which alluded that Know Your Customer Form was for generality of account holders.
“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.”, the tweet reads.
BIGPEN understands an earlier tweet which ordered all persons holding accounts across financial institutions and insurance firms, to complete and submit self-certification forms to their respective financial institutions, despite being in possession of the Bank Verification Number and the National Identification Number, had sparked outrage from Nigerians on social media.
The vex message read: “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 are 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.”
But making clarification on it, FIRS tweeted: “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.”
“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 statement read.