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Friday, September 18, 2020

FG apologises for asking all bank, other account holders to re-register



The Federal Government has apologised for asking all account holders in the country’ s financial institutions to register their details again .


FG had earlier asked all account holders in banks, including insurance companies, to fill and submit a Self -Confirmation form.


The order was given despite the possession of the Bank Verification Number and the National Identification Number by account holders on Thursday.


Failure to do so , the Nigerian government threatened to block access to defaulters’ accounts or impose a monetary penalty .


The order to fill another Self -Confirmation form, despite the existing BVN and NIN , had attracted condemnations on social media.


However, in a tweet on Friday, the government apologised for misinformation.


It tweeted , “ We apologise 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 . ”


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 pic. twitter. com/KBiPh 0lCwJ

— Government of Nigeria (@ NigeriaGov) September 18, 2020


In a press statement , the Federal Inland Revenue Service explained that only “ reportable persons ” are expected to submit the form .


The statement read , “ This is to clarify 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 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 .


“ Reportable persons are often non -residents. And other persons who have a 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 the information at its disposal indicates that the Account holder is a person resident for tax purpose in more than one jurisdiction .


“ The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction , is expected to be available to Financial Institutions during the account opening processes for the KYC and AML purpose . ”


Earlier, the Nigerian government said all persons holding accounts in different financial institutions are required to complete and submit the form to each one of their institutions .


It had tweeted , “ This is to notify the general public that all account holders in Financial Institutions ( Banks , Insurance Companies, etc ) are required to obtain , complete , and submit Self – Certification Forms to their respective Financial Institutions .


“ 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 . ”

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