The Federal Government of Nigeria has ordered all holders of accounts in financial institutions across the country to obtain and fill self-certification forms in line with the Income Tax Regulations 2019.
This was made known in a series of tweets released via the federal government’s official handle on Thursday, stating that each account holder must submit the filled forms in their respective financial institutions.
“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 said.
As stated in the directive, the forms have been categorized into three: Form for Entity, for Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc); and form for individual.
The government warned that “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.”