FIRS reverses self, says self-certification not for all account holders

The Federal Inland Revenue Service (FIRS) has declared that its earlier directive that all bank account holders must fill self-certification forms were issued in error.

This followed controversies generated across the nation by the directive with people seeing it as a policy that was likely to add to the burdens of Nigerians.

However, a statement issued by the FIRS later on Friday morning said the directive applied only to bank account holders liable to taxation in Nigeria and in countries abroad.

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.

 

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

We May End Up Without A Country, Gen Akinrinade Warns Buhari

A former Chief of Defence Staff, Lt. General Alani Akinrinade has told President Muhammadu Buhari to allow the restructuring of Nigeria now otherwise there may soon be no country.

Oyo Tertiary Institutions Reopen September 28, Primary, Secondary Schools To Run Shifts

Oyo State governor, Mr Seyi Makinde has approved the reopening of all tertiary institutions in the state for regular academic activities from September 28.

Endure Pains Of Hike In Petrol Price, Electricity Tariffs Now And Enjoy Later, APC Tells Nigerians

The All Progressives Congress (APC) has admitted that the increase in petrol pump price and electricity tariffs were a serious financial burden on Nigerians.

You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More