Breaking: FG makes U-turn, apologises for misleading information ordering all account holders to re-register with banks

The Federal Government has apologised for misleading the public when it ordered all account holders in the country’s financial institutions to register their details again.

The government had said on its twitter handle that despite the possession of the Bank Verification Number and the National Identification Number by account holders, they must re-register.

But the Federal Government on Friday apologised for the misleading information, saying that not everyone would have to re-register with the banks.

“We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly,” it said on its twitter handle.

We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly pic.twitter.com/KBiPh0lCwJ

— Government of Nigeria (@NigeriaGov) September 18, 2020

However, the Federal Inland Revenue Service, FIRS, on its twitter handle earlier on Friday clarified the publication for financial institutions account holders in Nigeria to complete the self certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfillment of Automatic Exchange of Information Requirements.

It explained that the self-certification form was basically to be administered on Reportable persons holding accounts in Financial institutions that were regarded as “Reportable Financial Institutions” under the CRS, saying that Reportable persons were often non-residents and other persons who have residence for tax purposes in more than one jurisdiction or Country.

“Financial 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.

“The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction, is expected to be available to Financial Institutions during account opening processes for the KYC and AML purpose,” the FIRS explained.