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Friday,
September 18, 2020 / 09:35 AM / By FIRS Nigeria / Header Image Credit: FIRS Nigeria
This is to notify the general public, especially
holders of accounts in Financial Institutions (Commercial Banks, Merchant Banks,
Discount Houses, Mortgage or Development Banks, Insurance and Life Assurance
Companies, Investment Advisers, Trustees, Asset Management Companies, Issuing
Houses, Brokers/Dealers, etc.) that all account holders are required to obtain,
complete and submit to the respective
Financial Institutions Self-Certification Forms.
The self-certification forms are required by the
relevant financial institutions to carry out due diligence procedures m line with
the requirements of the Income Tax (Common Reporting Standard) Regulations 2019.
The Self-Certification forms ere 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 are 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.
The self-certification form is in three categories,
namely:
Please note 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 or any branch of your financial
Institution.
For further enquires, please contact your Financial
Institution, a Tax Advisor or FIRS via aeoi.enquiries@firs.gov.ng
Download Here - The Self Certification Forms for Individuals
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