Thursday, the Federal Government ordered all account holders in Nigeria to obtain and fill self certification forms in line with the income tax regulations of 2019.
Our correspondent gathered from Twitter this directive mandating all account holders must submit the filled forms in their respective financial institutions.
The directive read: "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."
It also stated that the exercise is part of due diligence exercise mandated by the banks and other financial institutions in line with the income tax regulations of 2019.
It was also gathered that the forms have been categorised into three: Form for entity, for controlling person, that is the individuals having a controlling interest in a legal person, trustee among others and 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", the directive by the Federal government warned.
Post a Comment