FIRS Clarifies Directive On Self Certification Forms For Bank Account Holders
Federal Inland Revenue Service has clarify the misleading tweet on its handle suggesting that Nigerians with bank accounts are to get a self certification form inspite of BVN.
FIRS has since deleted the tweet, stressing that self certification form does not apply to all
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