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Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks (22863 Views)

‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks / FIRS Introduces Instant Tax Clearance System / CBN & Bankers Committee Suspends Lay-offs In Banks (2) (3) (4)

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Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by airsaylongcome: 6:04pm On Dec 20, 2022
SmartyPants:


How can you be taxed when you're not legally employed in that country? To be taxed you'd have to be on a proper work permit/work visa.

What paperwork would the company file on your behalf when you dont have a legal identity there??

I've been doing this for many years as an FTE with well established companies and i have never ever heard of companies taxing remote workers.

That's fraud straight up.


They would have a local HR business on contract to handle that. Don’t want to go into the details of it but it does happen. Especially if they have more than a handful of local employees
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by JuanDeDios: 6:04pm On Dec 20, 2022
airsaylongcome:


Says who? FTE remote workers can have tax deductions at source. Plus what is the government taxing them for? I’ve had to drop a huge sum buying new inverter batteries (that had VAT) . Pay an atrocious sum for Internet. And the government that has not provided any infrastructure to make my work easy want to tax me extra because I be remote worker? They should just prepare for lower remittances because dem no know say that fx income na hin dey keep many families afloat for Naija
Add the number of relatives and other people you have to help because things are extra-hard and you can't just turn them away.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by SmartyPants(m): 6:07pm On Dec 20, 2022
airsaylongcome:


They would have a local HR business on contract to handle that. Don’t want to go into the details of it but it does happen. Especially if they have more than a handful of local employees

Oh okay...well, interesting
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by NinjaXmetahuman: 6:09pm On Dec 20, 2022
francichuks:
I think it is a good policy. U see,Truth be told,majority who criticise d CBN governor knows in d debt of their heart that it is aimed at bringing citizens to do their civic obligation or u call it responsibilitiy. For instance,if u dont have any business with Domiciliary account or transaction,wetin cincern u? It is a way of saying,to whom much is giving(those who earn in hard currencies) should also pay in proportion to d tune of what they earn(much is expected). D only reservation I have in all these,is that d economy doesn't encourage husslers,especially those who don't do fraud business. D economy is too harsh! Even hinest people are tempted 2 do wrong things,when they are frustrated,by harsh economic background. U know,in this country,Poverty is a default setting. Haba! Let start creating d enabling environment by ourselves,by voting d right people to public offices,especially in this forth coming election in 2023.
The tax you have been paying, can you show us the road to your house?

You pay for expensive electricity that you will never have.
You dig your own borehole cos government can't provide water with all the taxes it has been collecting.
You hustle to buy car and bad road will make you a mechanic's customer.

Ontop of that, you want them to support corrupt bastards who have been feeding fat on these taxes to find a way to double tax.

You think only cooperations run domiciliary account?
Individual run it too.

I couldn't transfer money from my account for days now because the bastards put a ban on it. I donot run a cooperation and I already pay tax to the government before I get payment for business done.

Yet these mutherfuckers still want more.

3 Likes

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by emmaodet: 6:11pm On Dec 20, 2022
SolarEdge:
Please how do I get my tax clearance certificate as an employee of a private company in Nigeria. My monthly tax is deducted from my salary.
Please enlighten me, thanks.

Take your TIN (Tax identification number) to FIRS and they will print it out for you.

Ask your company for your TIN since they are deducting it.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by VULCAN(m): 6:14pm On Dec 20, 2022
Blind BAT like you.

Nigerians are the most indirectly taxed people in the world.

Every tomato you buy, you are paying for the high cost of imported fuel, bandits, the bribery of police, customs and FRSC, the bad roads that spoil vehicles and the lack of rail road cars to move goods cheaply btw states.

None of these happen in countries where people pay tax and the govt uses the taxes for the people and not elections.

You are obviously not in touch with the real sector.

oneMalik:
Tax free is why many are lazy !

4 Likes 1 Share

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by twosquare(m): 6:31pm On Dec 20, 2022
You meant tax gets deducted.

It is the lack of a tax treaty that brings about the withholding rate...edit your post.
Depressed101:
tax don't get deducted if you work for foreign companies because Nigeria has no tax treaty with most tech nations like the US.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Lepon02: 6:41pm On Dec 20, 2022
alingo2013:
grin Buhari wants to block any loop holes for money laundering

Konida fun iwo ati Buhari!

1 Like

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by bdon123(m): 6:43pm On Dec 20, 2022
Freethinker87:
Good policy but politically motivated. This is going to affect TechBros whose taxes are deducted at source. This will amount to double taxation if they have to show tax clearance to withdraw.

Mehn, living in Nigeria should be classified as an extreme sport.
This is how it is done around d world.Even Uber isn't allowed to operate without licence frm government for tax purposes.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by hisgrace090: 6:44pm On Dec 20, 2022
alingo2013:
grin Buhari wants to block any loop holes for money laundering

Nop!
Only to collect tax.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by am4truth(m): 6:49pm On Dec 20, 2022
REALretep:
Omo
Emefiele is out to frustrate Tinubu
The Aso Rock cabal definitely is backing the CBN governor
Tinubu is going nowhere
God forbid BAT thing grin
You are actually right.
I didn't think in that direction.
Thanks for calling my attention to that.

So you admit that you are Olodo.
Always quick to spew trash.

1 Like 1 Share

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by wolebest: 6:56pm On Dec 20, 2022
nlfpmod:


https://twitter.com/samlogic_/status/1605208397347180544

This will not cover the Black Market now!!!
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by BuddhaPalm(m): 6:56pm On Dec 20, 2022
Freethinker87:
Good policy but politically motivated. This is going to affect TechBros whose taxes are deducted at source. This will amount to double taxation if they have to show tax clearance to withdraw.

Mehn, living in Nigeria should be classified as an extreme sport.

For now, I don't believe it affects dom account inflows. Just people sending out.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Youngzedd(m): 7:11pm On Dec 20, 2022
GideonG:
Please does this apply to withdrawing dollars from your domiciliary account?


Yes
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by abbey621(m): 7:11pm On Dec 20, 2022
VULCAN:
Blind BAT like you.

Nigerians are the most indirectly taxed people in the world.

Every tomato you buy, you are paying for the high cost of imported fuel, bandits, the bribery of police, customs and FRSC, the bad roads that spoil vehicles and the lack of rail road cars to move goods cheaply btw states.

None of these happen in countries where people pay tax and the govt uses the taxes for the people and not elections.

You are obviously not in touch with the real sector.


You're confusing taxation with bad governance, you're also assuming just because you pay taxes you MUST enjoy amenities and good infrastructures.....North Korea would like a word with you grin grin grin
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Newbielearner(m): 7:12pm On Dec 20, 2022
nlfpmod:


https://twitter.com/samlogic_/status/1605208397347180544

It doesn't look to come from a verifiable source.

Let's see how it goes within 24hours.

If this is real, we have real issues in this country.

1 Like

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by charlsecy(m): 7:33pm On Dec 20, 2022
zeyt:
This news is only available at Nairaland. Probably a fake news.
I think so. Besides, such policy can't be suddenly applied.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Zooposki(f): 7:36pm On Dec 20, 2022
No country applies taxes to money in your private account. It sounds ridiculous.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by shegzhkn: 7:38pm On Dec 20, 2022
abbey621:


You're confusing taxation with bad governance, you're also assuming just because you pay taxes you MUST enjoy amenities and good infrastructures.....North Korea would like a word with you grin grin grin

North Korea na country?, I think he deserves to know how tax payer money is been used, why you no use South Korea as example (highly developed economy) instead you opted for a country where the citizens only life struggle is where their next meal is coming from.

1 Like

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by NEUDUDE: 7:50pm On Dec 20, 2022
Wickedfacts:


Go to the front page, other idiots like you said it was targeted at Tinubu. You are now saying it is Tinubunomics.

Close your smelling mouth. Hows other peoples opinion my business. Thats your thing idiot grin
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by eluquenson(m): 8:11pm On Dec 20, 2022
CBN just want to use style frustrate naija students on the japa route.

2 Likes

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Yankee101: 8:29pm On Dec 20, 2022
Freethinker87:
Good policy but politically motivated. This is going to affect TechBros whose taxes are deducted at source. This will amount to double taxation if they have to show tax clearance to withdraw.

Mehn, living in Nigeria should be classified as an extreme sport.


Lol

Extreme sport
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Yankee101: 8:48pm On Dec 20, 2022
Lifestone:

This is not Emefiele, but Federal Inland Revenue Service FIRS

Firs sent this to banks or what?
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Wickedfacts: 8:56pm On Dec 20, 2022
NEUDUDE:

Close your smelling mouth. Hows other peoples opinion my business. Thats your thing idiot grin

You're a dumb fool from a lineage of blockheads.
Doesn't commonsense teach you precedence in critical thinking?

I wonder what your parents were doing when others were educating their children.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by oneMalik: 9:04pm On Dec 20, 2022
Your father !

See o ! See person weh dem dey feed wan dey feed dog o .

I no be your papa mate .

Make thunder fire that fool weh born you .

You can go home and slap your mama papa for what is best known to you but you can't insult me .

E no go beter for your generation.

VULCAN:
Blind BAT like you.

Nigerians are the most indirectly taxed people in the world.

Every tomato you buy, you are paying for the high cost of imported fuel, bandits, the bribery of police, customs and FRSC, the bad roads that spoil vehicles and the lack of rail road cars to move goods cheaply btw states.

None of these happen in countries where people pay tax and the govt uses the taxes for the people and not elections.

You are obviously not in touch with the real sector.

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by oneMalik: 9:08pm On Dec 20, 2022
Ño be slave trade .

Just try do something that will compel you to pay tax and thank me later... It has a lot of benefits.

I used to think like that b4 but never again .


NEUDUDE:


So una want to take us back to slave trade era abi. God pass una grin
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by dalass(f): 9:48pm On Dec 20, 2022
NinjaXmetahuman:
The tax you have been paying, can you show us the road to your house?

You pay for expensive electricity that you will never have.
You dig your own borehole cos government can't provide water with all the taxes it has been collecting.
You hustle to buy car and bad road will make you a mechanic's customer.

Ontop of that, you want them to support corrupt bastards who have been feeding fat on these taxes to find a way to double tax.

You think only cooperations run domiciliary account?
Individual run it too.

I couldn't transfer money from my account for days now because the bastards put a ban on it. I donot run a cooperation and I already pay tax to the government before I get payment for business done.

Yet these mutherfuckers still want more.

They want more for their over bloated account and embezzlement before they finally leave office.

So much unremitted funds inIRS, Customs, NNPC, VAT and other funds trapped in our Banks are not paid into FGs coffers yet they want more taxes from hardworking Nigerians who hustle to eke a living

1 Like 1 Share

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by jara: 9:55pm On Dec 20, 2022
Hypocrites. Congratulate the Governor of CBN.

Every country demands worldwide income. If you pay more than what is required, you get tax credit. The funny thing is that those making little or average income are the one complaining. The fat cats that get away with paying nothing, know this is for them.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by zolajpower: 10:05pm On Dec 20, 2022
bdon123:

Exactly, everybody has to pay tax now.
The bank stamp that was received by him , close to 19billons or thrillions in naira where is it and what has he done with it ? This party is really an anti people I swear .
The sponsors of terrorist how many has checked there account?

1 Like

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by abbey621(m): 10:08pm On Dec 20, 2022
shegzhkn:


North Korea na country?, I think he deserves to know how tax payer money is been used, why you no use South Korea as example (highly developed economy) instead you opted for a country where the citizens only life struggle is where their next meal is coming from.

Both countries shows that taxation is not the same thing as good or bad governance....My point still stands, taxation is a mandate, what they do with such taxes is another thing. You can pay all the taxes you want and still suffer(North Korea), you can pay and enjoy (South Korea).
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by NEUDUDE: 10:42pm On Dec 20, 2022
oneMalik:
Ño be slave trade .

Just try do something that will compel you to pay tax and thank me later... It has a lot of benefits.

I used to think like that b4 but never again .



Lol. Pay tax that will enter kleptomaniac politifcians hand. Heavens forbid grin
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Bmaster(m): 10:43pm On Dec 20, 2022
Omo,I am seeing a stressful 2023 already,
But God dey! embarassed

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