The Federal Inland Revenue Service has clarified the Self-Certification Forms By Reportable Persons earlier directed by the federal government.
The federal government had on Thursday directed all bank account holders to re-register in their various financial insitutions or risked being sactioned.
However, in a tweet on Friday, the federal apologised for what it termed ‘misinformation,’ saying the directive is not meant for every account holder.
“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.’
To further clarify this directive, the federal inland revenue service in a statement on Friday said the ‘Completion of Self-Certification Forms By Reportable Persons is required for due diligence in line with requirements of Income Tax (Common Reporting Standards) Regulations 2019.
The agency further stated that the ultimate objective of the Automatic Exchange of Information is to improve transparency in Nigeria’s tax system and boost the anti-corruption drive of the Government.
The statement reads: “We like to refer our esteemed taxpayers & general public to the FIRS Public Notice: ‘Completion of Self-Certification Forms By Reportable Persons.’ This exercise is required for due diligence in line with requirements of Income Tax (Common Reporting Standards) Regulations 2019.
“The ultimate objective of the Automatic Exchange of Information is to improve transparency in Nigeria’s tax system and boost the anti-corruption drive of the Government.
“The Self-Certification Forms are to be administered by Financial Institutions to enable account holders clearly document their respective jurisdictions of tax residence. Relevant Financial Institutions and other stakeholders have been adequately sensitised on this process.
“Please note that this is a seamless process as the form is available for download on the FIRS website: http://firs.gov.ng. Financial institutions are expected to provide email addresses or electronic portals for customers to upload completed forms.”