FIRS Says Rule on Bank Accounts Only for Non-Residents

By Bashir Olanrewaju

Friday, 18 September, 2020

Nigeria’s Federal Inland Revenue Service said a new rule demanding self certification for account holders in financial institutions only apply to non residents.

“Reportable persons are often non-residents and other persons who have residence for tax purposes in more than one jurisdiction,” FIRS said in a statement on Twitter. The certification is to be administered when information reveals that an account holder is resident in more than one country.

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 CRS. Reportable persons are often non-residents..

— FIRS Nigeria (@firsNigeria) September 18, 2020

A statement on the government’s official Twitter had implied that all account holders were to undergo the certification. This prompted the clarification made by FIRS.

The regulation is part of the international Common Reporting Standards to enable automatic exchange of information among tax authorities in different jurisdictions around the world.