Headlines
FG apologises over misleading tweet on FIRS order for Self-Certification
…Expert describes demand as avoidable waste of time
BY NICHOLAS ABE
The Federal Government of Nigeria moved swiftly Friday to assuage the anger and tension that had enveloped the country following a misleading tweet it sent out Thursday, from its verified Twitter handle, over an order by the Federal Inland Revenue Service (FIRS).
The FIRS order is said to be meant for a certain category of the banking public but was communicated in a manner that suggested it was for every account holder.
“We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion of self-certification forms by Reportable Persons. The message contained in the @firsNigeria Notice does not apply to everybody. FIRS will issue appropriate clarification shortly,” the government tweeted Friday morning.
The FIRS subsequently reposted the supposed clarification, which it had published in The Guardian of Thursday September 17, 2020, and which still left a lot of gaps for appreciation, especially for the layperson.
“We like to refer our esteemed taxpayers & general public to the FIRS Public Notice: ‘Completion of Self-Certification Forms By Reportable Persons.’ This exercise is required for due diligence in line with requirements of Income Tax (Common Reporting Standards) Regulations 2019.
“The ultimate objective of the Automatic Exchange of Information is to improve transparency in Nigeria’s tax system and boost the anti-corruption drive of the Government.
READ: https://reliablesourceng.com/why-babatunde-fowler-lost-a-second-term-at-firs/
“The Self-Certification Forms are to be administered by Financial Institutions to enable account holders clearly document their respective jurisdictions of tax residence. Relevant Financial Institutions and other stakeholders have been adequately sensitised on this process.
“Please note that this is a seamless process as the form is available for download on the FIRS website: http://firs.gov.ng. Financial institutions are expected to provide email addresses or electronic portals for customers to upload completed forms,” the FIRS stated in a series of tweets on Friday.
A high-ranking member of the Institute of Chartered Accountants of Nigeria (ICAN), who preferred not to be named, told RELIABLESOURCENG.COM that the entire exercise was an avoidable waste of time, even though he acknowledged that the FIRS directive was in order.
“It is a legitimate demand as far as incorporated bodies (i.e. limited liability companies) are concerned. FIRS is the relevant authority for their tax matters.
“It’s legitimacy for individuals and enterprises that are not limited liability Companies is restricted. FIRS can only demand the information on the latter category if the information is meant for VAT purposes.
“One wonders, however, if the objective cannot be achieved by using the BVN. It is an avoidable waste of time and another way of making doing business very difficult in Nigeria,” our source explained.