November 30, 2020
  • November 30, 2020
  • Home
  • Business
  • Nigeria recounts on banking re-certification directive, issues fresh notice
FIRS

Nigeria recounts on banking re-certification directive, issues fresh notice

By on September 18, 2020 0 119 Views

By Samuel Bankole

The Federal Government on Friday recounted on the directive that account holders in financial institutions in the country should collect, complete and submit re-certification forms to their banks.

“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,” the government posted on the twitter handle @nigeriagov.

However, in spite of the so-called apology, the Federal Inland Revenue Service (FIRS) public notice did not deviate much from the previous notice posted on Thursday, causing more confusion in the system.

Read also: Nigeria’s Forex Reserves Rise 0.56% Month-On-Month To $35.8 Bln In Sept~CBN

The difference is that the self-certification will be applicable to account holders residing in multiple tax jurisdictions. But many Nigerians still see the FIRS publications as ineffective communications, showing incompetence on the part of the management of the service, according to response to the service tweets.

In the fresh notice posted on the @firs, the service stated that; “We like to refer our esteemed taxpayers & general public to the FIRS Public Notice: ‘Completion of Self-Certification Forms By Reportable Persons.’ This exercise is required for due diligence in line with requirements of Income Tax (Common Reporting Standards) Regulations 2019.

“The Self-Certification Forms are to be administered by Financial Institutions to enable account holders clearly document their respective jurisdictions of tax residence. Relevant Financial Institutions and other stakeholders have been adequately sensitised on this process.

“Please note that this is a seamless process as the form is available for download on the FIRS website: http://firs.gov.ng. Financial institutions are expected to provide email addresses or electronic portals for customers to upload completed forms.

Read this also: Pfizer Hopeful Of Early Conclusion Of Covid-19 Vaccine Trial

“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 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

“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,” the service posted on its twitter handle.

Want more Updates? Join 200+ subscribers on our mailing list!

Leave a comment

Your email address will not be published. Required fields are marked *