FIRS Nigeria Solves Controversy on Self-Certification Form

The Federal Inland Revenue Service has clarified the controversies that trailed an announcement by the Federal Government mandating self-certification on every account holder in Nigeria.

It was recalled that yesterday, the Federal Government of Nigeria via their official Twitter handle announced that in pursuant to the Income Tax (Common Reporting Standard) Regulations 2019, every account holder in Financial Institutions (Banks, Insurance Companies, etc) in Nigeria must be issued a self-certification form, to fill and submit as a means of identification.

As expected, a trend followed the announcement as many angry Nigerians bounced on the Federal Government for deliberately frustrating Nigerians even in the era of COVID-19 Pandemic.

However, in a tweet released by the Federal Inland Revenue Service, the issue has been clarified as the initiative was only directed at Reportable persons holding accounts in Financial institutions that are regarded as “Reportable Financial Institutions” under the CRS.

Read full tweet “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“

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. https://t.co/2H6Hedbnv3

— FIRS Nigeria (@firsNigeria) September 18, 2020

However, Nigerians remain adamant in their quest for a better system as they claim National ID Card, International Passports and other available means of Identification can serve the purpose of which the Self-Certification was introduced.