Africa Press-Nigeria:<\/p>\n
The Federal Inland Revenue Service (FIRS) has reacted to condemnations trailing the federal government\u2019s order on Self-Certification Forms.<\/p>\n
The government directed all account holders in banks, insurance companies and other financial institutions to obtain, complete and submit the forms.<\/p>\n
Nigerians are outraged, wondering why authorities are dragging them into another round of verification.<\/p>\n
They are demanding that the government reverse the order and use details on existing forms of IDs like the Bank Verification Number (BVN) and National Identity Number.<\/p>\n
On Friday, FIRS issued a clarification on Twitter.<\/p>\n
The agency said the form is pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 and in fulfillment of Automatic Exchange of Information Requirements.<\/p>\n
FIRS explained that it would be administered on reportable persons holding accounts in financial institutions regarded as \u201cReportable Financial Institutions\u201d under the CRS.<\/p>\n
It said reportable persons are often non-residents and other persons who have residence for tax purposes in more than one jurisdiction or country.<\/p>\n
\u201cFinancial 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.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Africa Press-Nigeria: The Federal Inland Revenue Service (FIRS) has reacted to condemnations trailing the federal government\u2019s order on Self-Certification Forms. The government directed all account holders in banks, insurance companies and other financial institutions to obtain, complete and submit the forms. Nigerians are outraged, wondering why authorities are dragging them into another round of verification. […]<\/p>\n","protected":false},"author":62,"featured_media":30070,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,14],"tags":[1243],"class_list":["post-30069","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-firs"],"yoast_head":"\n