Effective from Thursday, 1st June, 2023, customers initiating Form A are requested to submit valid tax clearance certificates (TCCs) covering three years as directed by the Central Bank of Nigeria (CBN).
Most banks have now communicated the new requirement.
According to a memo by The Guardian: “Effective Thursday, 1 June 2023, customers initiating Form A requests will be required to provide a valid Tax Clearance Certificate (TCC) for the three years immediately preceding the current year of assessment.”
“This is in addition to uploading all other required documents on the Central Bank of Nigeria (CBN) Trade Monitoring System (TRMS) portal for Form A requests. This also applies to all requests currently awaiting FX allocation regardless of the stage on the TRMS portal.”
TCC serves as proof of meeting tax obligations and ensures compliance with the provisions of Section 85 (2) of the Personal Income Tax Act 2004 (as amended).
Although acknowledging the immense inconvenience this might cause their customers, the banks insisted the new regulation is mandatory.
They added: “We understand that this may cause some inconveniences and we sincerely apologise for any strain that this may cause you. However, we are mandated by law to comply with tax regulations to maintain the integrity of the financial system.”
Prospective international students be advised.
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