Saturday, May 15, 2021

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FG orders Nigerians to obtain Certification Forms from financial institutions or face possible sanctions

The Federal Government of Nigeria has directed the public to visit their banks, insurance companies as well other financial institutions in order to obtain “Certification Forms,” which everyone is expected to fill and submit to their respective financial institutions.

The “Certification Forms” which was recently introduced by the Federal Inland Revenue Service, FIRS, is seen to be part of it’s due diligence procedures which is said to be in line with the “Income Tax Regulations 2019.”

In a statement released by FIRS it said, “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 and 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.”

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