Federal Government has apologised for misleading information asking all account holders in the country’s financial institutions to register their details again.
MDB reports that the FG on Thursday directed individuals who hold accounts in different financial institutions to collect, fill and submit separate forms to each one of the institutions.
The self-confirmation form applies to account holders in banks, including insurance companies.
Failure to do so, Federal Government threatened to block access to defaulters’ accounts or impose a monetary penalty.
The order to fill another self-confirmation form, despite the existing BVN and NIN, sparked outrage from many Nigerians on social media.
However, in a tweet on Friday, the government apologised for misinformation and given clarification on the information.
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.
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 pic.twitter.com/KBiPh0lCwJ
— Government of Nigeria (@NigeriaGov) September 18, 2020
In a press statement shared by FG’s Twitter account, the Federal Inland Revenue Service explained that only “reportable persons” are expected to submit the form.
The statement reads:
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 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.