Explaining The Self-Certification Forms Required In Nigeria

The federal government in Nigeria has asked citizens to pick up, fill and submit Self-Certification Forms. The forms which the government said will help financial institutions handle Income Tax Regulations 2019 issues in the correct procedures are is not meant for everyone.

The Self-Certification is for people who hold bank accounts in financial institutions which is listed below:

Commercial Banks

Merchant Banks

Discount Houses

Mortgage of Development Banks

Insurance and Life Assurance companies

Investment advisers

Trustees

Asset management companies

Issuing houses

Brokers and dealers

The form will be provided by the banks or any of these financial institutes.

Nigeria: What is Self-Certification Forms

Self-Certification Forms are official declarations that an individual makes in connection with tax. Self-Certification Forms are different from the Bank Verification Number in Nigeria. They are also not in anyway national identities like international passport, voters card and drivers licence.

The categories of the Self-Certification form explained

Form for Entity – This is the form that tells about the type of financial activity an individual operates. It shows if a business operates under the corporate law or under any other label. Some prefer to call it an Entity Form.

For Controlling Person – This is for shareholders who hold a majority of a company’s stock. These shareholders would normally have the right to vote on cooperate matters and have significant influence over any corporate actions.

Form for individual – This form will contain personal information about an individual.

The government also warns the public that it will issue penalties monetary penalties to people who fail t comply with the requirements of the form. For more details and for a copy of the Self-Certification Forms visit the FIRS website.

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