Taiwo Oyedele, Head of Tax and Corporate Advisory Services at PwC Nigeria, has explained the federal government’s directive to Nigerians on Self-Certification Forms.
On Thursday, the President Muhammadu Buhari administration directed all account holders in banks, insurance companies and other financial institutions to obtain, complete and submit the forms.
The government noted that this would enable institutions to do due diligence procedures in line with the Income Tax Regulations 2019.
Consequences include monetary penalty or inability to operate the account.
In his explanation, Oyedele said the development is in connection with the commencement of automatic exchange of taxpayers information between Nigeria and other countries.
He noted that the information…