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FIRS Nigeria Profile picture
@firsNigeria
Sep 18, 2020 • 4 tweets • 1 min read • Read on X
This is to clarify the publication for financial institutions account holders in Nigeria to complete the self certification form, pursuant to the Income Tax (Common Reporting Standard) Regulations 2019 which is for the fulfilment of Automatic Exchange of Information Requirements.
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 CRS. Reportable persons are often non-residents..
and other persons who have residence for tax purposes in more than one jurisdiction or Country. Financial Institutions are expected to administer the Self Certification form on such account holders when information at its disposal indicates that the Account holder is a person
resident for tax purpose in more than one jurisdiction. The information that indicates an account holder is a resident for tax purposes in more than one jurisdiction,is expected to be available to Financial Institutions during account opening processes for the KYC and AML purpose

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More from @firsNigeria

FIRS Nigeria Profile picture
Aug 4, 2020
THAT VEXED NIPOST TWEET BY MRS. MAIMUNA ABUBAKAR
We appreciate the general public for demonstrating deep knowledge of the difference between Stamp Duty and Postage Stamp. It is unfortunate that Mrs. Maimuna Abubakar, Chairperson of the NIPOST Board is yet to understand this.
Our attention was drawn to the tweet by Mrs. Abubakar. Her indecorous tweet would not have deserved any response but for the sensitive nature of the issue at stake, which if not sensibly treated and promptly corrected would likely mislead the public.
To be sure, NIPOST is a government parastatal established by Decree 41 of 1992 with the function to *develop, promote, and provide adequate and efficiently co-ordinated postal services at reasonable rates* .
Read 12 tweets
FIRS Nigeria Profile picture
Jul 25, 2020
Clarification on Stamp Duties Rate for Rent/Lease
Pls note that Stamp Duties rate on Rent/Lease is graduated depending on the number of years in the Agreement: 1-7 years is 0.78%; above 7 years to 21 is 3%; above 21 years is 6%. Note that FIRS DID NOT/ DOES NOT INCREASE tax rate
Schedule to Stamp Duties Act, the part on Lease, states: For every N50 and also every fractional part of N50 of the rent of the year: if the term is definite n doesn't exceed 7yrs--39Kobo or 0.78%; exceeds 7yrs n doesn't exceed 21yrs--N1.50Kobo or 3%; above 21yrs-- N3.00 (or 6%)
We make this clarification following enquiries by taxpayers and to clarify that Stamp Duties rate on Rent/Lease is graduated according to the years in Agreement. We appreciate the public for their support and enjoin all taxpayers to continue to comply with their tax obligations
Read 5 tweets
FIRS Nigeria Profile picture
Jul 9, 2020
Tax Palliative Alert! Make a good use of it.

1. Further extension of closing date for penalty and interest waiver to August 31st, 2020 is a palliative measure meant to cushion the effects of COVID-19 on Nigerian taxpayers.
2. Recall that the deadline which was on or before May 31, 2020 was extended to June 30, 2020. It is now on or before August 31, 2020.
3. This extension applies to Tax Audit, Tax Investigation and Desk review assessments, Approved instalment payment plans under Voluntary Assets and Income Declaration Scheme (VAIDS) yet to be fully liquidated.
Read 5 tweets
FIRS Nigeria Profile picture
Dec 29, 2019
PRESS RELEASE
FIRS OFFERS 0NE- MONTH WINDOW TO EASE TCC ISSUANCE
....Nami announces new TCC regime

Executive Chairman Federal Inland Revenue Service, Muhammad Nami, has offered a 30- day window to enable taxpayers, obtain Tax Clearance Certificate.
Nami personally signed the public notice, designed to make things easy for taxpayers.

Titled FACILITATING 2020 TAX CLEARANCE CERTIFICATE (TCC) ISSUANCE, the notice was issued to assist taxpayers meet their obligations as they might need TCC.
The Executive Chairman, FIRS noted that the offer to ease issuance of TCC is in accordance with the
provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation, 2011.
Read 10 tweets
FIRS Nigeria Profile picture
Dec 10, 2019
PRESS RELEASE

FOWLER THANKS BUHARI, HANDS OVER TO ABIODUN AINA

Immediate past Executive Chairman of the Federal Inland Revenue
Service, FIRS, Tunde Fowler, yesterday thanked President Muhammadu Buhari for the privilege he had to serve the nation and for what he was able to do
with the support of all Staff
Waxing biblical, Fowler noted that the taxman job is one of service to
one’s fatherland as it gives one the opportunity to serve fellow
humans and the nation.

Change, he noted is constant. It is normal that people will always
resist change, he noted
He spoke at arbour 6: 35 pm as he handed over to the Coordinating
Director Domestic Taxes Group, Abiodun Aina, who promised to steady the ship of the FIRS.

Said Tunde Fowler in a handover over ceremony at the Boardroom of the FIRS: “Let me thank all of you who are here for what
Read 25 tweets
FIRS Nigeria Profile picture
Dec 9, 2019
STATE HOUSE PRESS RELEASE:
PRESIDENT BUHARI NAMES NEW FIRS BOARD FOR SENATE CONFIRMATION

President Muhammadu Buhari has approved the composition of a new board for the Federal Inland Revenue Service, FIRS, subject to Senate confirmation.
The President nominated a renowned tax consultant, Muhammad M. Nami as the new chairman.

The board is composed of a member representing each of the six geographical zones and statutory representatives from a select number of ministries and government agencies.
Mr Muhammad, a well-trained Tax, Accounting and Management professional with highly rated qualifications and professional practice and licenses from relevant professional bodies, has almost three decades of practical working experience in Auditing, Tax Management and Advisory and
Read 10 tweets

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