Customers initiating Form A are requested to submit valid tax clearance certificates (TCCs) covering three years in line with a directive by the Central Bank of Nigeria (CBN).
In correspondence received via email on 5th June, Stanbic IBTC Bank communicated to its customers that individuals initiating Form A requests are obligated to provide valid tax clearance certificates (TCCs) covering three years.
According to the communication, customers are required to furnish a TCC that remains valid for the three years directly preceding the current year of assessment.
Additionally, it is necessary to upload all other required documents on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) portal when submitting a Form A request.
This directive applies to all pending requests awaiting foreign exchange (FX) allocation, irrespective of their stage in the TRMS portal.
The primary purpose of the Tax Clearance Certificate (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).
While acknowledging that this requirement may cause inconvenience, Stanbic IBTC Bank extends sincere apologies for any difficulties encountered. The bank emphasizes its legal obligation to comply with tax regulations as a means to uphold the integrity of the financial system.
The bank reassures its customers of its unwavering commitment as a trusted financial partner and promises to provide timely updates on any further developments. The understanding and cooperation of customers in this matter are greatly appreciated.
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