‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates

Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,965 members, 7,810,672 topics. Date: Saturday, 27 April 2024 at 01:07 PM

‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks (20945 Views)

34 Companies Got Three-year Tax Holiday In 2023 – FG / Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks / Dangote To Get 3-Year Tax Relief After Constructing Apapa-Oworonshoki Road (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by FreeStuffsNG: 6:41pm On Mar 20

Nigerian banks are now requesting that customers applying for forex transactions via a Form A must now provide at least the last 3 years tax clearance certificate.

Nairametrics confirmed this from an email notification from Standard Chartered Bank to its customers.

According to the notice, effective April 1, 2024, all Standard Chartered Bank customers who use Form A for applications are mandated to upload their TCC for the last three assessment years—2021, 2022, and 2023.

This requirement applies to both new and existing Form A applications processed on the Central Bank of Nigeria’s (CBN) trade monitoring system (TRMS).

The bank emphasises that all submitted TCCs will be verified in collaboration with state tax issuing authorities before the approval of any application.

What You Should Know

Form A is an application form designed by CBN to pay for service transactions (invisible trade) that allows customers to make payments for services such as school fees, technical fees, dividends, airline tickets, loan repayment, judgment debt, personal home remittance, PTA, BTA, among others.

Banks, such as Fidelity Bank and Stanbic IBTC, have earlier released similar circulars to their customers. Urging them to submit their TCC to get approval for foreign exchange requests, such as Form A applications.

A Tax Clearance Certificate (TCC) is a document that certifies that a company or individual has settled the income taxes due for the three preceding years of assessment.

It is a prerequisite for official transactions conducted by a company in the public sector, such as when tendering for government contracts, or when remitting foreign exchange through the banks, among others.
Company TCCs are issued by the FIRS; while individual TCCs are issued by the relevant State Board of Internal Revenue (SBIR). 

The primary purpose of the TCC is to serve as evidence of compliance with tax obligations, ensuring adherence to the stipulations outlined in Section 85 (2) of the Personal Income Tax Act, Cap P8, LFN 2004 (as amended).

In January 2023, the Federal Inland Revenue Service (FIRS) said that taxpayers can get their Tax Clearance Certificate in a single click via its flagship Taxpro Maxsolution.

https://nairametrics.com/2024/03/20/form-a-applicants-to-submit-three-year-tax-clearance-certificates-banks/

76 Likes 3 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by FreeStuffsNG: 6:41pm On Mar 20

Nigerian banks are now requesting that customers applying for forex transactions via a Form A must now provide at least the last 3 years tax clearance certificate.

Forex speculators ti keran se. From the streets to crypto platforms to banks, they will be smoked out. President Bola Ahmed Tinubu's administration will defeat all the unpatriotic elements and their collaborators online and offline.

God bless Nigeria for ever! Check my signature for free stuffs!

116 Likes 8 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by ThinkSmarter: 7:03pm On Mar 20

Tinubu's indept financial education is his biggest advantage.
He literally follows the money.
From oil to firs to custom to cbn, bdc etc
I pray he succeeds.
I pray Nigeria succeeds

124 Likes 12 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by ately1(m): 7:13pm On Mar 20

Nigeria

1 Share

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by DenreleDave(m): 7:13pm On Mar 20

I didn't read this but I am sure it is a good news.

Also I am sure some e-rats that are too low in memory to understand this will still come here and wail as usual.

Their leaders dey chop money for campaign, dem dey collect 100mb to fight tribal fight for nairaland

101 Likes 4 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by Higherthan: 7:13pm On Mar 20

I believe in Nigeria, Nigeria will win, AMEN.

Children of hate,oya come and flood here and lament as usual and wish yourself the worse of all

26 Likes 3 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by chloride6: 7:14pm On Mar 20

This will create another black market

16 Likes

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by lwisee: 7:14pm On Mar 20

God bless BAT (Bola Ahmed Tinubu) the husband of RAT (Remi Ajoke Tinubu)

34 Likes 3 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by iichidodo: 7:14pm On Mar 20

Another bureaucratic red-tape to frustrate Nigerians....

15 Likes 3 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by richard870(m): 7:15pm On Mar 20

Hmmm

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by lwisee: 7:15pm On Mar 20

chloride6:
This will create another black market

How how
Mumuuu man

26 Likes 3 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by Is04970: 7:15pm On Mar 20

That's a masterstroke from the FG.

29 Likes 2 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by DEXTROVERT: 7:16pm On Mar 20

This
Will result to
Policy summersault

Many
Will
Now
Run
To
Parallel market

So
As
The
Demand for parallel dollar increase
The price goes up.

It would have been better
To divert parallel market customers to bank
Where they get dollars at official rate.
So few will patronize them

For example, with POS everywhere, we don't go to ATM or quene at banks to withdraw money.

25 Likes 1 Share

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by iichidodo: 7:16pm On Mar 20

Is04970:
Co

Tax matters...

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by tommy589(m): 7:17pm On Mar 20

Interesting

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by forgiveness: 7:17pm On Mar 20

Weldon

63 Likes

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by lexy2014: 7:17pm On Mar 20

FreeStuffsNG:
Nigerian banks are now requesting that customers applying for forex transactions via a Form A must now provide at least the last 3 years tax clearance certificate.

Forex speculators ti keran se. From the streets to crypto platforms to banks, they will be smoked out. President Bola Ahmed Tinubu's administration will defeat all the unpatriotic elements and their collaborators online and offline.

God bless Nigeria for ever! Check my signature for free stuffs!

what has banks asking for tax clearance for form "A" applicants got to do with crypto platforms or who is smoking or not smoking?

is Tinubu patriotic?

will he defeat himself and his collaborators like you?

13 Likes

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by inoki247: 7:17pm On Mar 20

Lol mk dem hold dere Form A if them see rate unify truly is not a must I pass through the bank before I can access Forex...

4 Likes

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by iampeterben(m): 7:18pm On Mar 20

We will leave the bank for you all and move to Opay and Moniepoint. If Opay choose the same path like yours, we move to daily contribution Olidara. Una nor fit stress me ontop my own money.

14 Likes 1 Share

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by Ijaya123: 7:18pm On Mar 20

Hmm…

Now I understand why Fashola once said “underrate Asiwaju at your own peril”

23 Likes 1 Share

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by iLoveYouToo(m): 7:19pm On Mar 20

Co-sign

…surprising how even broke countrymen be complaining about policies that squeeze the balls of the rich

11 Likes 1 Share

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by Incandescent(m): 7:19pm On Mar 20

Another opportunity for black market to thrive. grin

15 Likes

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by nusirat(m): 7:19pm On Mar 20

When you know the game, no one can defeat you, on the same game. BAT is an old monkey who knows the old trick.

19 Likes 2 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by ITbomb(m): 7:19pm On Mar 20

lwisee:
God bless BAT (Bola Ahmed Tinubu) the husband of RAT (Remi Ajoke Tinubu)

And you think you can still make heaven cool

5 Likes

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by nautybride: 7:20pm On Mar 20

We just hope all the money realized are invested back into our economy and not siphoned by pen thieves.

1 Like 1 Share

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by Focusmind: 7:20pm On Mar 20

That has been the practice since last year.

I somehow support this - you cannot be asking for cheap government FX when you have not paid your taxes.

Just that there is no more difference between the official market and parallel markets.

18 Likes 2 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by dimeji1(m): 7:22pm On Mar 20

Since last year, nothing new here. All these copy and paste crew

6 Likes

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by dododawa1: 7:23pm On Mar 20

OBIDENTs

In

Several pain

Now.

5 Likes 1 Share

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by Keegan: 7:24pm On Mar 20

iichidodo:
Another bureaucratic red-tape to frustrate unpatriotic Nigerians....

Corrected

1 Like

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by FreeStuffsNG: 7:25pm On Mar 20

Eriokanmi:

dimeji1:
Since last year, nothing new here. All these copy and paste crew

Smh. If it's since last year, Stanbic will not just be informing their customers now. The effective date is April 1, 2024. There's free float and enough dollars now in the market. Most people are bidding for dollars at lower value now.

Wallade:

This will only embolden the black market operators and force more people to return to the black market

They will be tracked down, arrested and prosecuted. Most BDCs have lost their licenses and their collaborators on Binance are now under the radar of security agencies.
Very soon, even people will be chasing naira with USD. For most Nigerians, if they are are to be paid in Nigeria today, they will rather collect naira than USD because of the stability now in the forex market unlike before.

11 Likes 2 Shares

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by Wallade(m): 7:25pm On Mar 20

FreeStuffsNG:
Nigerian banks are now requesting that customers applying for forex transactions via a Form A must now provide at least the last 3 years tax clearance certificate.

Forex speculators ti keran se. From the streets to crypto platforms to banks, they will be smoked out. President Bola Ahmed Tinubu's administration will defeat all the unpatriotic elements and their collaborators online and offline.

God bless Nigeria for ever! Check my signature for free stuffs!

This will only embolden the black market operators and force more people to return to the black market.

The higher the demand for forex on black market, the higher the exchange rate for forex and ultimately the wider the gap will become between black market and official market rates.

4 Likes

Re: ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks by Nnannapat(m): 7:26pm On Mar 20

This is a good one.

1 Like

(1) (2) (3) (4) (Reply)

I Need A Palm Kernel Oil Supplier / Nigeria To Begin Rice Exportation - Prof. Bola Okuneye / Dollar Exchange Rate As At This Evening

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 44
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.