Business

Federal Government orders bank customers to complete and submit self-certification forms for Income Tax Regulations

President Muhammadu Buhari

The Federal Government has ordered all bank account holders to register their details again.

The directive came despite the already existing Bank Verification Number and the National Identification Number.

The Nigerian Government on Thursday on twitter said; “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.”

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