INCOME TAX: FEDERAL GOVERNMENT MAKES U-TURN, SAYS SELF-CERTIFICATION FORM IS NOT FOR EVERYBODY
The Federal Government has apologized to Nigerians for a statement issued on Thursday ordering all Nigerians holding accounts with financial institutions to obtain and fill self-certification forms.
In a statement issued on Friday, September 18, the Federal Government said the message does not apply to everybody as earlier stated.
"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 FIRS Notice does not apply to everybody. FIRS will issue appropriate clarification shortly," the Nigerian Government said in a Tweet.
The Federal Inland Revenue Service FIRS in a statement issued on Friday, September 18 explained that the self-assessment forms are for persons who have a residence for tax in more than one country.
Below is the statement from FIRS:
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 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.