The Federal Inland Revenue Service on Friday clarified that the mandatory completion and submission of Self-certification forms in financial institutions and insurance firms is not for all Nigerians.
“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,” FIRS said in a series of tweets.
In earlier tweet the ministry of information noted , “INFORMATION: This is to notify the general public that all account holders in Financial Institutions (banks, insurance companies, etc) are required to obtain, complete and submit self-certification forms to their respective financial institutions.
“Persons holding accounts in different financial institutions are required to complete and submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.
“The self-certification form is in three categories: – Form for Entity – For Controlling Person (individuals having a controlling interest in a legal person, trustee, etc) – Form for individual.
“Failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account. For more enquiries visit @firsNigeria website (http://firs.gov.ng) for more details.”