The Federal Government has
apologised for asking all account holders in the country’s financial
institutions to register their details again.
Recall that the FG
earlier asked all account holders in banks, including insurance companies, to
fill and submit a Self-Confirmation form.
The order was given despite the
possession of the Bank Verification Number and the National Identification
Number by account holders on Thursday.
Failure to do so, the Nigerian
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, had attracted
condemnations on social media.
However, in a tweet on Friday,
the government apologised for misinformation.
It tweeted, “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, the Federal Inland Revenue Service
explained that only “reportable persons” are expected to submit the form.
The statement read, “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.”
Earlier, the Nigerian government said all persons holding
accounts in different financial institutions are required to complete and
submit the form to each one of their institutions.
It had tweeted, “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.
“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.”
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