• Tuesday, June 25, 2024
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BusinessDay

Customers to present tax clearance certificate to access dollar

Boosting Nigeria’s tax revenue? Grow the economy, honour the social contract!

Customers are to present their tax clearance certificate (TCC) before they can access foreign exchange (FX) from banks.

This was seen in a notice to customers on ‘submission of tax clearance certificate for processing FX transactions’, sent out by Fidelity Bank Plc.

“In line with regulatory directives, please note that your current tax clearance certificate would be required to processing the following FX transactions”, the notice stated.

The foreign exchange transactions include personal travel allowances, business travel allowances, school fees, maintenance/ upkeep and medical.

“Consequently, you would be required to upload a copy of your current TCC in addition to all other required documents on the Central Bank of Nigeria trade monitoring system portal for Form A request,” the notice said.

The issuance of TCC to ease the burden of taxpayers is in line with the provisions of Section 101 (1) of CITA LFN 2004 and in conformity with Self-Assessment Regulation, 2011.