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Tax Clearance Certificate compulsory for Form A transaction

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Standard Chartered Nigeria says to successfully complete a Form A transaction with the Central Bank of Nigeria, the applicant must provide a three-year Tax Clearance Certificate.

The commercial bank in a notice customers titled, ‘Provision of TCC for Form A transactions’ the bank noted that the new provision is a requirement of the Nigeria apex bank.

“In compliance with regulatory directives, kindly note that Tax Clearance Certificate (TCC) is now a requirement for processing Form A transactions,” Standard Chartered Bank said.

The bank then listed the transactions that require TCC. “PTA/BTA, School fees, Upkeep/Maintenance, Medical, Personal Home Remittance, etc.”

The bank added that, “You are required to upload a copy of your TCC (3 years tax clearance preceding the current year of Assessment) along with other mandatory documents on the Central Bank of Nigeria (CBN) Trade Monitoring System (TRMS) portal.”