Self Certification form Nigeria: FIRS tax "Self Certification form" sample copy and why banks, financial institutions, some Nigerian account holders must to do am
Nigeria don introduce anoda compulsory "Self Certification form" for some category of bank account holders for di kontri to fill and submit to dia financial institution or risk losing all wetin dem keep inside di bank account.
Dis na in addition to di already existing Bank Verification Number, Tax Identification Number, National Identification Number and oda forms of identity management wey di West African kontri bin don introduce in di last five years. On Thursday, Nigeria goment announce say make pipo wey get accounts wit banks, insurance companies or any oda financial institutions go collect, fill and submit Self-Certification Forms. According to di goment, di self-certification form dey important to help financial institutions follow correct procedures for any mata wey concern Income Tax Regulations 2019. Di goment also threaten say pipo wey fail to fill di form no go fit dey able to operate dia account or dem go sama monetary penalty give di defaulters. But no be everi bodi suppose fill di form ,according to di Federal Inland Revenue (FIRS) wey be Nigeria tax office. However, afta dis announcement, Nigerians come begin dey complain say goment just wan stress dem as dem don already do BVN or oda documentations. Some Nigerians home and abroad also come begin dey worry on top how to get di form and how e look like plus why goment take dis decision. How you fit get di "Self Certification form" According to Federal Inland Revenue Service (FIRS) pesin fit get di self-certification form from dia banks. No be everi bodi suppose fill di form, Nigerian goment announce for public notice on Friday. Federal goment also refer pipo to FIRS website if dem want more informate about am. President Buhari Why Nigerian goment take dis decision Federal Inland Revenue Service (FIRS) say dis self-certification form go help di automatic exchange of information (of financial transactions eg. bank transfers of wetin dem call "reportable pesins" wey fit mean pipo wey dia banks suppose report to authorithies sake of di kain transactions dem make). "Dis na to clarify di publication for financial institutions account holders inside Nigeria to complete di self certification form, pursuant to di Income Tax (Common Reporting Standard) Regulations 2019 wey be for di fulfilment of Automatic Exchange of Information Requirements." "Di Self Certification form na basically wetin dem go give Reportable pesin holding accounts in Financial institutions wey we regard as "Reportable Financial Institutions" under di CRS. Reportable pesin na often non-residents and oda pesin wey get residence for tax purposes for more than one place alias jurisdiction or kontri. "Financial Institutions dey expected to give di Self Certification form on such account holders wen information wey dem get show say di Account holder na pesin wey get resident for tax purpose iniside more than one jurisdiction. " "Di information wey show say di account holder na resident for tax purposes inside more than one jurisdiction, dey expected to dey available to Financial Institutions during account opening processes for di KYC and AML purpose." Meanwhile, Nigeria goment explain for dia twitter handle say "relevant financial institutions" need dis self-certification forms to cari out due diligence procedures in line with di Income Tax Regulations 2019. Nigeria President Muhammadu Buhari How di confidential copy of di form look like Dis na di confidential copy of di self-certification form inside di FIRS website but banks go need to adapt di form for dia different institutions, so e fit no be exactly di same as wetin you go find for each bank. Dis na sample of di Controlling Person category of di Self Certification form Dis na sample of di Controlling Person category of di Self Certification form Dis na sample of di Controlling Person category of di Self Certification form How to fill di FIRS Self Certification form Di self-certification form go dey in three categories according to goment. Na five (5) parts dey inside dis form wey pesin "must" complete (unless not applicable or otherwise). Field wey dem mark with asterisk (*) dey mandatory. PART 1: Identification of account holder information wey state di legal name of entity/branch, Kontri of Incorporation and current & mailing address. PART 2: Di account Holder need to state di categories of Financial Institution wey dem dey operate (e.g. Investment Entity, Depository Institution, Custodial Institution or specified Insurance Company) PART 3: Di controlling pesin need to identify his/her self as either passive nonfinancial entity ("passive NFE") "or investment entity. PART 4: Di account holder need to clearly define his/her jurisdiction of residence for tax purpose and related Tax Identification Number (TIN) or equivalent number (as di case may be). PART 5: Need di Account Holder to certify di information wey dem give for SelfCertification Na five (5) parts dey inside dis form wey pesin "must" complete (unless not applicable or otherwise). Field wey dem mark with asterisk (*) dey mandatory and di inormate wey dem need na almost di same with di Form for Entity Nigeria federal goment on Friday beg alias apologise for misleading di public about di "Self Certification form" afta dem order all account holders for di kontri financial institutions to register dia details again. Na three (3) parts dey inside dis form wey pesin "must" complete (unless not applicable or otherwise). PART 1: Identification of account holder information and oda tax residency details. PART 2: Di account holder need to clearly define his/her jurisdiction(s) of residence for tax purposes and related Tax Identification Number (TIN) or equivalent number (as di case may be). PART 3: Di Account Holder need to certify say di information for di SelfCertification Form dey accurate and complete. Goment say failure to do dis go attract punishment as di pesin fit lose im money or im fit no fit use di account again.