By John Okoh
The Federal Government has directed holders of accounts in Financial Institutions to obtain, complete and submit to their respective Financial Institutions Self-Certification Forms.
The financial institutions affected are Commercial Banks, Merchant Banks, Discount Houses, Mortgage or Development Banks, Insurance and Life Assurance Companies, Investment Advisers, Trustees, Asset Management Companies, Issuing Houses and Brokers/Dealers.
In a statement signed by Muhammadu Nami, Executive Chairman of the Federal Inland Revenue Services, FIRS,, the governement ordered that “the self-certification forms are required by the relevant financial institutions to carry out due diligence procedures in line with the requirements of the Income Tax (Common Reporting Standard) Regulations 2019. The Self-Certification forms are to be administered by Financial Institutions in order that the account holders may clearly document their respective jurisdictions of tax residence.
“A person holding accounts in different financial institutions is required to complete and submit the self-certification form to each one of the financial institutions. However, in the case of a person holding multiple accounts in the same financial institution, one self-certification form is sufficient for all the accounts in that same financial institution.
He said the self-certification form is in three categories, namely: Self-certification form for Entity, that is for persons other than individuals; Self-certification form for Controlling Person, that is individuals having controlling interest (25% or more) in a legal person, a trustee, settlor or beneficiary in respect of a trust, etc. Self-certification form for Individual, that is for all individual account holders.
Nami said that failure to comply with the requirement to administer or execute the self-certification form attracts sanctions which may include monetary penalty or inability to operate the account.
The Self-Certification forms are available on FIRS’ website www.firs.gov.ng or any branch of your financial Institution.
For further enquiries, please contact your Financial Institution, a Tax Advisor or FIRS
(via aeoi.enquiries@firs.gov.ng)
