There are no self-certification requirements coming to Nigerians for their bank accounts. The government has clarified that the tweets were mistakes. Going through their updated note, it is evident that running governments from Twitter may not be optimal. Those days, a press release would have been prepared with all details included. But these days, from Nigeria to U.S. to UK, governments are confusing citizens as they try to fit the unfittable into few characters. Here is a copy of the form (pdf).
“We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons,” the tweet reads.
“The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly.
Earlier on Friday, the Federal Inland Revenue Service (FIRS) clarified that the directive is not for all bank customers.
“This is to clarify that 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 FIRS said.
“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 (Common Reporting Standard).
“Reportable persons are often non-residents and other persons who have 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 information at its disposal indicates that the Account holder is a person resident for tax purpose in more than one jurisdiction.”