Self-certification policy: for entities who have presence in more than one country- FIRS, Civil Society group explain

Following the outcry that greeted the Self – Certification Form for financial institutions, the Federal Inland Revenue Service (FIRS), has come out to clarify its position on the matter.
According to a statement on its verified Twitter handle, FIRS explained that 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 Common Reporting Standard. Reportable persons are often non-residents and other persons who have a residence for tax purposes in more than one jurisdiction or Country.
Shedding more light on the policy, the civil society group Follow Taxes also gave the following clarifications:
1. It’s not for ALL bank account holders
2. It’s for entities who have presence in more than one country. E.g Nigerians in diaspora,  diasporans in Nigeria.
3. It’s towards an international agreement that Nigeria  has signed that allows exchange of Tax information between countries.
4. This international agreement would help to curb tax evasion by citizens of member countries.
5. It also applies to Nigerians who have foreign businesses and foreigners who have Nigerian businesses (once you have 10% shares of any such business).
6. People who have dual citizenship are also affected by the policy.
7. If you fall under the bracket of the policy,  You don’t need to physically go into a bank for the registration. Download the forms online, fill it,  and send to your bank by email.
“If you don’t fall into these above categories (broadly),  you are largely not affected,” the group said.

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