A directive from President Muhammadu Buhari-led Federal Government on Thursday has gone to all account holders in all financial institutions to obtain, complete and submit Self–Certification Forms and this includes banks, insurance companies and others.
According to the information, which was shared via the verified Twitter account of the Government of Nigeria, the forms are required by the relevant financial institutions to do due diligence procedures in line with the Income Tax Regulations 2019.
The information makes it compulsory as failure to adhere to this instruction, will attract sanctions which may include monetary penalty or inability to operate the account.
“INFORMATION: 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.”
“Persons holding accounts in different financial institutions is required to complete & submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.
“The self-certification form is in 3 categories: – Form for Entity – For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc) – Form for individual.
“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. For more enquiries visit @firsNigeria website (http://firs.gov.ng) for more details.”