In line with the 2019 Income Tax Regulation, the Federal Government has directed all account holders in the nation’s financial institution to obtain complete and submit self- certification forms from their financial institutions, so as to carry out due diligence procedures.
This directive was disclosed yesterday via the Federal Governments Twitter account, @NigeriaGov.
Excerpts from the tweets, “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 are required to complete and 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 three 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.”
Since the directive was issued, many Nigerians took to their Twitter accounts to express their displeasure with the new order.
Dr. Joe Abah, the Country Director of Development Alternatives Incorporated (DAI), tweeted this: “what is this about please and why is it being put in place? Your communication does not provide sufficient information and, as currently communicated, seems like another never-ending verification exercise that will frustrate the public for little or no gain”.
Another Twitter user, Akwa Ugoo was filled with rage as captured in her tweet; “Poor communication technique, very poor. Where’s a date and deadline to work with? What exactly is this new development for? Can’t BVN play its role? What incentive have you provided for ease of doing this? Are we to march to the banks? This is not 1922!!”
Adewale Omoba tweeted, “which one is this again oh? Is this part of the ease of doing business? You just released anyhow information like that…no pre-alerts, no education given to the general public. Now you are going to start causing panic all over. Why always rush out policies without full thoughts.”
It is not yet clear as to how the self-certification process differs from the bank verification number (BVN) and national identification number (NIN).