The social media has been abuzz last week following the announcement by the Federal Government on Twitter asking all Nigerians with bank accounts to go to their various banks and do a self-certification.
The Federal Inland Revenue Service (FIRS) said yesterday that only bank customers who maintain accounts in countries and tax jurisdictions other than Nigeria are required to register afresh with their banks.
The agency said the exercise was for tax and anti-money laundering monitoring purposes.
The FIRS, in a clarification, said such account holders are required 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.”
It added: “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 (Common Reporting Standard).
Read Also: FG appeals to Huawei to deepen rural telephony access
“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 purposes in more than one jurisdiction.”
The clarification was in response to public criticism of a tweet on Thursday by the federal government that all account holders were to register with their banks afresh.
Government issued an apology yesterday over the ‘misleading’ announcement.
It 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,” it wrote.
”Notice does not apply to everybody. FIRS will issue appropriate clarification shortly.”
Source: The Nation