FG ordered to fill self-certification form with Nigeria bank accounts

The Nigerian government has ordered all individuals to have accounts in financial institutions and insurance firms so that they can complete self-certification forms.


The federal government announced this in a social media statement on Thursday. The FG warned that failure to comply could include monetary fines or the inability to operate the account.


It stated, "It is to inform 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. Various financial institutions Individuals holding accounts in India are required to complete and submit the form to each of the institutions. The forms are required by the respective financial institutions to carry out the appropriate procedures in line with the Income Tax Act 2019. "



Information:


This is to inform 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.


- Government of Nigeria (@NigeriaGov) September 17, 2020


According to the government, the certification forms will be in 3 categories, which are "Forms for entity - controlling person (person controlling interest in a legal person, trustee, etc.) - form for person".


Facing Compliance or Sanctions: The Government urged Nigeria to comply with the requirements and execute all types of requirements if the sanctions cannot be introduced as monetary penalties or inability to operate the account is.


  • The government did not say what those restrictions would be and how it would be implemented.
  • The inability to operate the account suggests that the government may terminate Nigeria's bank account
  • The people of Nigeria have over N30 trillion in bank deposits according to Nairalytics research.


What this means: It appears that this is part of the government's efforts to broaden the tax base as it enhances its strategy of relying on taxes to raise revenue. The fall in oil prices and the Kovid-19 epidemic affecting the ability to pay for government programs have hit the government revenue heavily, providing relief to Nigerians struggling with the economic crisis.


The government has taken several measures to increase tax revenue in the last few years. for example…


  • Last year, FIRS launched a new universal tin aimed at boosting tax compliance and revenue collection in the country.
  • The former FIRS boss, Fowler, then stated that "using the new system TAC verification portal, CIN is able to automatically generate TINs for newly registered cooperating taxpayers, verify TIN details and print TIN certificates.
  • And that the "system allows tax authorities and taxpayers to initiate TIN registration at their homes/offices and at their convenience, as the system informs the taxpayer through a robust and secure system-system integration with transparent and convenient benefits. .. "

What they are saying: Social media in Nigeria burst into a frenzy as Twitter users reacted to the tweet from the government handle.


The tweets were received with over 3,800 comments, over 8,000 retweets, over 3000 tweets.

Here are some tweets;

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