Following the outcry that greeted the Self – Certification Form for financial institutions, the Federal Inland Revenue Service (FIRS), has come out to clarify its position on the matter.
According to a statement on its verified Twitter handle, FIRS explained that the Self-Certification form is basically to be administered on reportable persons holding accounts in Financial institutions that are regarded as “Reportable Financial Institutions” under the Common Reporting Standard. Reportable persons are often non-residents and other persons who have a residence for tax purposes in more than one jurisdiction or Country.
While many were relieved by the clarification, a couple of others went on to criticize the FIRS, saying it should always exercise due diligence when passing information across to the public in order to avoid misinformation.
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