The Federal Government has apologised for misleading the public when it ordered all account holders in the country’s financial institutions to register their details again.
The government had said on its twitter handle that despite the possession of the Bank Verification Number and the National Identification Number by account holders, they must re-register.
But the Federal Government on Friday apologised for the misleading information, saying that not everyone would have to re-register with the banks.
“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,” it said on its twitter handle.
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/KBiPh0lCwJ
— Government of Nigeria (@NigeriaGov) September 18, 2020
However, the Federal Inland Revenue Service, FIRS, on its twitter handle earlier on Friday clarified 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 fulfillment of Automatic Exchange of Information Requirements.
It explained that the self-certification form was basically to be administered on Reportable persons holding accounts in Financial institutions that were regarded as “Reportable Financial Institutions” under the CRS, saying that Reportable persons were 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 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 account opening processes for the KYC and AML purpose,” the FIRS explained.
News5 days ago
“It’s Either We Restructure Nigeria Or We Break Up” — Pastor Adeboye Says As He Lends Voice To #EndPoliceBrutality Campaign
Metro4 days ago
#EndSARS Protesters Pay Private Security Agencies To Protect Them Against Hoodlums [Photos]
News5 days ago
34-Year-Old Nigerian In Race To Become Governor Of US State Of Michigan
Entertainment4 days ago
Davido Acquires ₦48 Million 7-Bedroom Duplex In Abuja [Video]
News4 days ago
CNN’s Richard Quest Marries Longtime Male Partner
News4 days ago
BREAKING: Senate Rejects Lauretta Onochie’s Nomination As INEC Commissioner
Inside Nigeria4 days ago
“We Are Ready To Defend Nigeria At All Cost” — Army Sends Serious Warning To #EndSARS Protesters
Metro5 days ago
Sowore Reveals Organizer Of ‘Pro SARS’ Thugs That Attacked #EndSars Protesters In Abuja