Commercial banks in Nigeria have recently announced a new requirement for individuals and organizations conducting business transactions. According to the banks, all Form A and FX requests must now include a valid copy of the applicant’s Tax Clearance Certificate (TCC) in addition to other necessary documents on the Central Bank of Nigeria’s (CBN) trade monitoring system portal.
The directive comes following the federal and state governments’ mandate for commercial banks and Ministries, Departments, and Agencies of Government (MDAs) to implement the TCC requirement.
The implementation of this requirement is in line with the provisions of Section 85 of the Personal Income Tax Act (PITA), 2011 (as amended), and Section 31(5) of the FCT-IRS Act, 2015. The directive has already taken effect in Abuja and other parts of the country, as reported by the Daily Sun.
In separate emails sent to customers, banks have informed them about the immediate enforcement of the new requirement. They stated that all Form A and FX requests must include a valid copy of the applicant’s TCC, along with other required documents, on the CBN’s Trade Monitoring System Portal.
Source: The Sun
