The Federal Government of Nigeria seem to have goofed again, after having to apologise for its recent tweets on the self-certification procedure.
You would recall that, the FG had recently announced that individuals who hold accounts in different financial institutions would have to collect and submit separate forms to each one of the institutions.
However, The Federal Government, has come out to say the information was misleading.
A message on the FG’s official Twitter handle stated that: “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
It further stated that “the notice does not apply to everybody. FIRS will issue appropriate clarification shortly.”
Consequently, the Federal Inland Revenue Service (FIRS) issued a clarification via it’s Twitter handle stating that the directive applies to individuals and entities who have presence in more than one country.
The FIRS Tweet stated that: “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.”
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
INFORMATION:— FIRS Nigeria (@firsNigeria) September 18, 2020
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. https://t.co/2H6Hedbnv3
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..— FIRS Nigeria (@firsNigeria) September 18, 2020