Economy

Nigerian Government Apologises Over Tweet Ordering Account Holders To Obtain and Fill Self-Certification Form

The Federal Government has apologised for its tweet ordering all account holders in the country to obtain and fill self-certification forms.

In a directive in a now deleted series of tweets on Thursday, the Federal Government said each account holder must submit the filled forms in their respective financial institutions.

But, in another tweet on Friday morning, the Federal Government acknowledged that its earlier tweets were misleading and the notice by the Federal Inland Revenue Service (FIRS) does not apply to everybody.

The tweet on the verified Twitter handle of the Government of Nigeria, the FG said: “We apologise 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,” it tweeted.

Also , the FIRS on its official handle @firsNigeria, has clarified the statement, noting that the directive was for ‘Reportable Persons’ with accounts in ‘Reportable Financial Institutions.’

Firs tweeted; “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 fulfillment 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 a 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 the 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 the account opening processes for the KYC and AML purpose,” FIRS tweeted.

“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, the FIRS Tweet concluded.

 

About the author

Joseph Chukwuma Oputa

Joseph Chukwuma Oputa is the Managing Editor of Maslow Businessnews and Physicians News publications published by Maslow Business News Publications, Lagos, Nigeria.

Joseph Oputa is a proud Alumnus of the prestigious Nigerian Institute of Journalism, Lagos and Federal Polytechnic, Bida, Niger State.

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