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.
“Reportable persons are often non-residents and other persons who have residence for tax purposes in more than one jurisdiction or Country,” it added.
The tax collection agency said 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 clarification is coming hours after the Nigerian Government tweeted a misleading information that all account holders in financial institutions across the country are to complete a new “self-certification” form.
The government added that “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.”
The announcement was welcomed with outrage on Twitter Thursday evening.
Critics expressed worry over the duplication of such efforts across different departments and agencies of government.
Others wondered why the nation was fixated on such “analogue” and “laborious” means of generating data from its citizens.
Source: The Guardian