Banks have prompted its clients to include their tax clearance for the past three years when generating the federal government Form-A

Form A, is an application form designed by the Central Bank of Nigeria to pay for service transactions such as school fees, medical fees, and more, allowing customers to purchase funds at the CBN or interbank rate to make payments for these services.

The customer are be required to submit their TCC for the last three years when seeking forex via banks, as reviewedan email notification from Standard Chartered Bank to its customers.

The notice titled ‘Further Update On Tax Clearance Certificate’ reads, “Following our previous communication on submission and verification of Tax Clearance Certificate for all FORM A applications, we wish to remind you of the requirement to provide your updated tax clearance certificate.

“Effective 1st of April, 2024, you are required to upload your 3 years TCC for 2021, 2022 and 2023 assessment year for all new and existing FORM A applications on the CBN trade monitoring system (TRMS). All submitted TCC will be verified by the state tax issuing authority before the application is approved.”

Stanbic IBTC and Fidelity Bank also passed same information to their customers, asking them to submit their TCC to get approval for foreign exchange requests, such as Form A applications.

A Tax Clearance Certificate serves 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).