FIRS Self-certification form for foreign residents in Nigeria

FIRS recently issued self-certification forms for foreign residents with bank accounts in Nigeria. The new documentation is further to the Income Tax Regulation 2019.  Nigeria has an agreement with 109 jurisdictions to share bank account information of non-resident persons in the country. The Income Tax (Common Reporting Standard) Regulation 2019 requires all Financial Institutions to collect and report certain information on financial accounts of individuals, entities, and controlling persons with tax residency in specific jurisdictions. Other signatories to the agreement will also share information about Nigerians overseas with Nigeria. The aim is to curb tax evasion and the illicit flow of funds. More details are in the Multi-lateral Competent Authority Agreement (MCAA) on Automatic Exchange of Information (AEOI), and Nigeria is a signatory. The number of signatories to the MCAA on AEOI, as at 10 December 2020, was 110 jurisdictions. They are;