₦airaland Forum

iichidodo:
[color=#1986BC] Another bureaucratic red-tape to frustrate Nigerians....[/color]

Proserpina:
Do you know what form A is?

What has Opay and Moniepoint got to do with this?

Wallade:
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.

Eriokanmi:
Instead of becoming a doubting Thomas, why not just try and be verifying things first? Google is there for free if you have data. I travelled to Hungary last year. Early this year,.I travelled again to another destination. I have a good relationship woth my bank. They're the first who told me of the tax clearance thing last year. We approached firs and got it done, still no fx allocation from the cbn. The queue was ridiculously long. Na aboki bail me out I'm the end. Same this year.

My inlaws had their tax clearance already
and just last month, they couldn't get fx from the bank for their PTA. We had to go to Allen ave, to get fx for them.

Vision101:
Black market strives on cash and not on transfer. It's easy track transfers. The only transfers that can be done illegally are those that have fx outside Nigeria.

EponObi:
Mtchew! Ignoramus. No be only P2P, na 2P2.

FreeStuffsNG:
P2P service providers and users are not unreachable

Putindbutt:
Go to countries abroad and go do transactions without social security number and without paying tax, slowpoke. CBN is not even asking you to pay tax on fx, they only demand tax clearance for transparency and security purposes.

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.

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/

FreeStuffsNG:
Smh. You shah love to stress yourself unnecessarily when all you need is to ask for clarification politely. The effective date is 1st April, 2024, that's a day after the 31st March deadline to file tax returns.

From April 1 henceforth, it will now be across board. It's like the policy that mandates linking your BVN to NIN, the Federal Government is yet to fully effect it but some banks can still open bank account for you without NIN. When the CBN announces final effective date, it will now become a general rule and standard. Kapish?

FreeStuffsNG:
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.


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.

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!

DenreleDave:


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

Higherthan:
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

hopexter:
You’re not qualified to be answering any question Mr. Man. Tinubu is working hard to make things right and help the country restore her lost name. He’s already winning and majority of Nigerians are in support of his drive and achievements except rodents and non foreigners like yourself.

Wallade:
Idiot P2P is "Person to Person". If you lack knowledge, let more informed people know so they can help you.

Baxilexi:
Thanks for the correction.

Nigerians celebrates inhumane policies. Personally, no Nigerian earning below 1M NGN a year should be taxed

alphaNomega:
so the tax our fathers and grandfathers were paying, what happened to it? you guys are too slow to know when you are being robbed of your future.

EponObi:
Olodo. P2P means Peer to Peer.

Lol... You think the $100 you exchange with aboki on the street is what moves the exchange rate. Ignoramus!

When Cardoso was squeezing the life out of Binance P2P marketplace, the BDC, the banks and the aboki street hustlers, I guess you weren't paying attention. Lmao

Putindbutt:
This one is still collecting mummy thank you.