Reaction trails Bank Form, FG apologises and issues Clarification

Millions of  Nigerians yesterday condemned the order from the Federal Government to fill a Self-Clarification form in each of their respective banks which may attract severe consequences including inability to access account, failure to comply to the directive.

Recall:Trending Now: Federal Government orders every Nigerian Bank Account Holder to fill a Form

The social Media especially Twitter went agog as many Nigerians poured their frustration on the decision to initiate clusters in the Banks when Nigeria has not been officially announced to be free from COVID-19 Pandemic, arguing the importance of NIN and BVN which are both digital personal database which could be used for such purposes if need be.

Nigerian Government however apologised, stating that the earlier tweet (now deleted) was a misinformation and does not apply to everyone. The Government on the tweet of apology noted that the Federal Inland Revenue Service would issue appropriate clarification in a short time.

In a Clarification Statement yesterday, the Federal Inland Revenue Service explained that only bank customers who maintain accounts in countries and tax jurisdictions other than Nigeria are required to register afresh with their banks.

The agency said the exercise was for tax and anti-money laundering monitoring purposes.

The Agency furthered that such account holders are required 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.”

It added: “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 purposes in more than one jurisdiction.”

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