FG Direct Nigerians To Fill 'Self-Certification' Forms In Banks Or Face Penalty
President Muhammadu Buhari of Federal Republic of Nigeria

The Federal Government of Nigeria leading by President Muhammadu Buhari has directed all account holders in all financial institutions to obtain, complete and submit Self–Certification Forms.

This involves account in banks, insurance companies and other financial institutions.

The Government of Nigeria shared this information via its verified Twitter account, explaining that the forms are required by the relevant financial institutions to do due diligence procedures in line with the Income Tax Regulations 2019.

Meanwhile, Failure to adhere to this instruction the Government said attract sanctions which may include monetary penalty or inability to operate the account.


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The full statement reads;


“INFORMATION: This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete and submit Self – Certification Forms to their respective Financial Institutions.”

“Persons holding accounts in different financial institutions is required to complete & submit the form to each one of the institutions. The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

“he self-certification form is in 3 categories: – Form for Entity – For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc) – Form for individual.


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“Failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account. For more enquiries visit @firsNigeria website (http://firs.gov.ng) for more details.”


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Stamp Duty: FG Has Collected N20bn From Banks In 2020

The total amount of N20 billion has been collected by The Federal Inland Revenue Service (FIRS) for stamp duty between January and June 2020.


A compulsory charges of N50 stamp duty is charged on all deposits at Banks, and electronic transfers of naira-denominated current and savings accounts for transactions of 10,000 and above.


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The charge is mandated by the Finance Act of 2019, and the revenue is remitted to the Federal Government.

While speaking during the inauguration of the inter-ministerial committee on audit and recovery of stamp duty on Tuesday, June 30, 2020, FIRS chairman, Muhammad Nami, noted that only a total of N18 billion was collected as stamp duty in 2019.


His full statement reads;

“The amendment and the effective implementation of the Stamp Duty Act, simplified administration process, and the audit and recovery exercise will raise the revenue bar for the government significantly,” he said.

He promised that the FIRS is prepared to reposition stamp duty as the next major revenue source for Nigeria as the country struggles to turn its attention away from the dwindling oil market.

“Indirect taxes such as stamp duty remain the viable and sustainable alternative revenue source for funding budgetary requirements by the Nigerian government.

The unstable global oil market, worsened by the coronavirus pandemic, has significantly damaged the Nigerian government’s earning power as the country depends on oil revenue.

While speaking at the event, the Secretary to the Government of the Federation (SGF), Boss Mustapha, said there’s potential to generate high returns from stamp duty collection and make it second only to crude oil earnings.

He said S.D revenue has the potential to yield up to N1 trillion annually if properly harnessed.


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He continues;

“The government has recognized the fact that for meaningful development to be achieved, it has to look inwards to use every available means to shore up its revenue-generating capacity.

“For too long, the country has depended on oil as the main cash cow of the economy even though it is richly endowed with other viable revenue yielding sources.

“In the face of dwindling oil revenue, and the global shift away from oil-dependent technological products, it is even more compelling now to begin to think out of the box in order to safeguard the future of our country.”


Source: Pulse

3 Nigerian Banks Lower Dollar Spending Limit On Debit Cards


Three Nigerian Banks has reduced the monthly Dollar spending limit on debit cards due to the falling of cruide oil price and the suffering of Naira against Dollar.

In response to the decline in dollar supply as well as rising demand, some banks, namely GTBank, Zenith, Fidelity reduced the monthly dollar spending limit on debit their cards.

However, Zenith Bank reduced monthly limits to $1,000 and Guaranty Trust Bank reduced monthly limits to $500. Fidelity Bank on its part reduced monthly limits to $1,000 from $3,000.

Other banks may follow their steps very soon.

In addition to Covid-19 Pandemic rattling effect on the foreign exchange and fixed income markets, this pandemic has also caused massive disruption in banking services, as banks implement social distancing rules, in a bid to battle the spread of deadly Coronavirus.

The banking service was also reduced to skeletal operations in across the country, with transactions restricted to electronic payment channels and ATMs for cash withdrawals.

For example, from the third week in March and prior to the lockdown of Lagos, Ogun States and Abuja, most banks directed non essential staff to work home.

Meanwhile, Banks also restricted the number of customers allowed inside the banking halls per time to 25 people, leading to massive crowds outside banking halls with customers spending more time to gain entry into the banking hall.

The lockdown in Lagos, Ogun and Abuja has led the CBN to suspend cheque clearing activities till further notice.


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