The Federal Government of Nigeria on Thursday 17, 2020 issued out a new directive that affects all persons holding accounts in any financial institution in Nigeria such as banks and insurance companies.

The announcement was made known through the Federal Government’s official twitter account handle.

According to the directive account holders are to obtain, complete and submit self-certification forms to their respective Financial Institution.

This procedures they say is in line with the Income Tax Regulations Act 2019.

The self-certification forms is in 3 categories:

a. Form for entity

b. For controlling person (individuals have controlling interest in a legal person, trustee, etc)

c. Form for individual

Failure to comply with the requirement may lead to monetary penalty and inability to office operate the affected account.

For more information on the issue you can visit the official website of the Federal Inland Revenue Service.

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