Nigerians are already searching for the meaning to the term – Self-Certification Forms – following the Federal Government of Nigeria order to account holders across financial institutions to obtain and fill the forms.
Recall that the federal government admitted that the tweets ordering Nigerians holding accounts across financial institutions to complete and submit the forms were misleading.
This was following a public outcry that greeted the Order. Thus, the government came out to say the Order is actually meant for some Nigerians, particularly those with dual citizenship.
Techeconomy.ng, in this article is highlighting notable things anyone needs to know about the Self-Certification Forms.
What is the meaning of Self-Certification Form?
First, Self-Certification according to the Cambridge Dictionary is “an official statement that you make about yourself, especially in connection with tax or illness”.
In other words, you can be able to notify up to notify your employers about illness by self-certification.
So, to self-certify, according to the Lexico.com, is to “Make an official declaration that (something) complies with regulatory standards or procedures without independent substantiating evidence or;
To formally declare that one’s absence from work was due to illness, without providing substantiating evidence from a doctor.
The Revenue Inland Revenue Service (FIRS) said the exercise is required for due diligence in line with requirements of Income Tax (Common Reporting Standards) Regulations 2019.
In the context of the FIRS initiative, Self-Certification Forms are to be administered by financial Institution in order that account holders may clearly document their respective jurisdiction of tax residence.
There are three (3) parts that “must” be completed (unless not applicable or otherwise).
This deals with the identification of account holder’s information and other tax residency details.
This requires the account holder to clearly define his/her jurisdiction(s) of residence for tax purposes and related Tax Identification Number (TIN) or equivalent number (as the case may be).
This requires the Account Holder to certify that the information supplied in the Self Certification Form is accurate and complete. If signing under a Power of Attorney, please also attach a certified copy.
This form remain valid unless there is a change in circumstances related to information supplied earlier in the Self-Certification Form.
In such a case, the Account Holder “must” notify the Financial Institution of any such change and take steps to update his/her records in accordance with the commentaries of the Income Tax (CRS) Implementation and Compliance
Financial Institution(s) are allowed to make adjustments to this form according to their own business needs, as long as the mandatory elements are captured in accordance with the commentaries in the Income Tax (CRS) Implementation and Compliance Guidelines.