Home Business Stanbic IBTC Notifies Customers on Valid TCC Requirement for Form A Request.

Stanbic IBTC Notifies Customers on Valid TCC Requirement for Form A Request.

Customers initiating Form A are requested to submit valid tax clearance certificates (TCCs) covering three years in line with a directive by the Central Bank of Nigeria (CBN).

On June 5th, Stanbic IBTC Bank sent an email communication to its customers, informing them of a new requirement for individuals initiating Form A requests. According to the communication, customers must now provide valid tax clearance certificates (TCCs) covering a period of three years.

The TCC provided must be valid for the three years immediately preceding the current year of assessment. In addition to the TCC, customers are also required to upload all other necessary documents on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) portal when submitting a Form A request.

This directive applies to all pending requests awaiting foreign exchange (FX) allocation, regardless of their stage in the TRMS portal.

The main purpose of the Tax Clearance Certificate (TCC) is to serve as evidence of compliance with tax obligations, ensuring adherence to the regulations outlined in Section 85 (2) of the Personal Income Tax Act, Cap P8, LFN 2004 (as amended).

While acknowledging that this new requirement may cause inconvenience, Stanbic IBTC Bank sincerely apologizes for any difficulties it may pose to customers. The bank emphasizes its legal obligation to comply with tax regulations as a means to uphold the integrity of the financial system.

The bank reassures its customers of its unwavering commitment as a trusted financial partner and promises to provide timely updates on any further developments. Stanbic IBTC Bank greatly appreciates the understanding and cooperation of its customers in this matter.

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