In what appears to be fresh push for more tax revenue, the Federal Government has directed all account holders in all financial institutions, including banks and insurance companies, to obtain, fill and submit self-identification forms or risk having their accounts blocked.
The government which gave the directive via its official twitter handle, @NigeriaGov on Thursday, specifically warned that failure to carry out the instruction could attract penalties which may include monetary penalty or inability to operate the account.
“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,” the statement said.
“Persons holding accounts in different financial institutions is required to complete & 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. For more enquiries visit @firsNigeria website (http://firs.gov.ng) for more details.