• Business - Economy
  • Updated: September 17, 2020

Bank Customers Risk Fine As President Buhari Mandate New Form To Track Tax

The Federal Government has warned that individuals and companies in Nigeria will be financially sanctioned if they fail to complete a "Self-Certification Form". According to a statement seen by AllNews, the form is necessary to monitor tax compliance.

FG said the form is for companies, Controlling Person (Individuals having controlling interest in a legal person, trustee, etc) and individuals with bank accounts. It was learnt that the form should be obtained in banks where each persons or companies have their account is domiciled.

"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.

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"Persons holding accounts in different financial institutions is required to complete & 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.

"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. For more enquiries visit @firsNigeria website for more details." the statement reads.

FG, however, didn't reveal the deadline for completion of the form.

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

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