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Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks (22975 Views)

Femi Otedola Exposes ‘fraudulent’ Transactions In Zenith Account / ‘Form A’ Applicants To Submit Three-year Tax Clearance Certificates – Banks / CBN & Bankers Committee Suspends Lay-offs In Banks (2) (3) (4)

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Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by SmartyPants(m): 5:01pm On Dec 20, 2022
Freethinker87:
Good policy but politically motivated. This is going to affect TechBros whose taxes are deducted at source. This will amount to double taxation if they have to show tax clearance to withdraw.

Mehn, living in Nigeria should be classified as an extreme sport.

Remote workers are not taxed at source.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by blowjohn(m): 5:03pm On Dec 20, 2022
Abeg explain o.
Like me now assuming I want to fund my dollar prepaid card, and I get some dollars ftm outside, go into the bank, will I need to present the certificate before they deposit the dollars??
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by owobokiri(m): 5:03pm On Dec 20, 2022
Lifestone:
We are getting there gradually. Nigerians don't pay direct tax so they couldn't feel the impact. I'm sure with this, nobody will teach us to vote responsible leaders into positions, nobody will mobilize us to chase out corrupt leaders and nobody will mobilize us to expect good performance from government that have taken so much from us but has given us so little
Why should Nigerians pay taxes to corrupt governments?

2 Likes 1 Share

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by swaggerjack: 5:08pm On Dec 20, 2022
Buhari4sale:
Emiefele and jail is becoming more friendly

If Bobo Chicago enter power he go hear am.

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by PrinceOfLagos: 5:11pm On Dec 20, 2022
Lifestone:
We are getting there gradually. Nigerians don't pay direct tax so they couldn't feel the impact. I'm sure with this, nobody will teach us to vote responsible leaders into positions, nobody will mobilize us to chase out corrupt leaders and nobody will mobilize us to expect good performance from government that have taken so much from us but has given us so little
Buhari through Godwin emefiele is doing well grin
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Carlyboi(m): 5:12pm On Dec 20, 2022
These fools are raving mad the high VAT and indirect tax isn’t enough now they wanna start taxing people in the informal sector and SMEs who are already struggling to get by and find a good footing to make it worse you want someone who wants to pay school fees to get tax clearance for 3yrs?lol

Double and heavy taxation just to fund the wasteful lifestyles of these polithieficians and pen pushers they just keep pushing their luck and don’t know when to stop honestly.

3 Likes 1 Share

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by IranianSea: 5:14pm On Dec 20, 2022
GideonG:
Please does this apply to withdrawing dollars from your domiciliary account?
No. You only need one when you're sending out.

1 Like

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Depressed101: 5:15pm On Dec 20, 2022
Freethinker87:
Good policy but politically motivated. This is going to affect TechBros whose taxes are deducted at source. This will amount to double taxation if they have to show tax clearance to withdraw.

Mehn, living in Nigeria should be classified as an extreme sport.
tax don't get deducted if you work for foreign companies because Nigeria has no tax treaty with most tech nations like the US.

2 Likes

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by IranianSea: 5:16pm On Dec 20, 2022
yahoodetector:
Even though I may not like Emefiele but anything to frustrate the gimmicks that the broom party will try to play as per bribing to get votes is welcomed
Kid! None of Emefiele policies will affect ruling party. It will affect other political parties only.

3 Likes

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by designking: 5:17pm On Dec 20, 2022
telim:
What about those of us paying for hosting using dom accs

Does this means we can't fund our dollar Visa Card again?

Does this affect Dollar deposit to Dorm accounts?
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Alamkir: 5:19pm On Dec 20, 2022
Slawomirr:
Damnnn niggar
Time to go do my tax clearance certificate

The last time I check have been paying tax since 2014

Are u sure? Na govt tax we dey talk oo. No be tax wey boys dey tax u for street

1 Like

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Fiscus105(m): 5:20pm On Dec 20, 2022
oluwaseyi0:
Will this stop bankers from hoarding dollars and secretly selling it to bureau de change?


U did not even praise him an inch but attacked immediately ,yet u have likes, ......oga, u re a satanist, and for people like you that liked ur comment, I pity Nigeria, for kinds of inhabitants in Nigeria.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by francichuks(m): 5:20pm On Dec 20, 2022
I think it is a good policy. U see,Truth be told,majority who criticise d CBN governor knows in d debt of their heart that it is aimed at bringing citizens to do their civic obligation or u call it responsibilitiy. For instance,if u dont have any business with Domiciliary account or transaction,wetin cincern u? It is a way of saying,to whom much is giving(those who earn in hard currencies) should also pay in proportion to d tune of what they earn(much is expected). D only reservation I have in all these,is that d economy doesn't encourage husslers,especially those who don't do fraud business. D economy is too harsh! Even hinest people are tempted 2 do wrong things,when they are frustrated,by harsh economic background. U know,in this country,Poverty is a default setting. Haba! Let start creating d enabling environment by ourselves,by voting d right people to public offices,especially in this forth coming election in 2023.

3 Likes

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by NEUDUDE: 5:20pm On Dec 20, 2022
oneMalik:
Tax free is why many are lazy !

So una want to take us back to slave trade era abi. God pass una grin
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by yahoodetector: 5:25pm On Dec 20, 2022
IranianSea:

Kid! None of Emefiele policies will affect ruling party. It will affect other political parties only.

We shall see
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by NEUDUDE: 5:25pm On Dec 20, 2022
Elliotwaveforec:
Good one! We must all pay tax however little. Informal sector will now be captured into the tax net; good news for states with high populations, my Lagos and Kano states.

Tinubunomics. Economics of wickedness to enslave the masses with net grin
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by accountantben: 5:30pm On Dec 20, 2022
wahala dey oh. let see where this will take us too.
The policy go still affect those wey wan jagban.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by PotatoSalad(m): 5:35pm On Dec 20, 2022
Depressed101:
tax don't get deducted if you work for foreign companies because Nigeria has no tax treaty with most tech nations like the US.
You mean tax get deducted, cos I've been paying more than $600/month as tax to the US government since July 2021.
We don't have tax treaty with the US.

2 Likes

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by zeyt: 5:35pm On Dec 20, 2022
This news is only available at Nairaland. Probably a fake news.

2 Likes

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by PotatoSalad(m): 5:38pm On Dec 20, 2022
francichuks:
I think it is a good policy. U see,Truth be told,majority who criticise d CBN governor knows in d debt of their heart that it is aimed at bringing citizens to do their civic obligation or u call it responsibilitiy. For instance,if u dont have any business with Domiciliary account or transaction,wetin cincern u? It is a way of saying,to whom much is giving(those who earn in hard currencies) should also pay in proportion to d tune of what they earn(much is expected). D only reservation I have in all these,is that d economy doesn't encourage husslers,especially those who don't do fraud business. D economy is too harsh! Even hinest people are tempted 2 do wrong things,when they are frustrated,by harsh economic background. U know,in this country,Poverty is a default setting. Haba! Let start creating d enabling environment by ourselves,by voting d right people to public offices,especially in this forth coming election in 2023.
Problem isn't paying tax, it's the government misusing it. For instance, imo state government donated more than 25 brand new air conditioned buses to Tinubu campaign. From state money o. Tax payers money.
Think about the rubbish

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Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by SolarEdge: 5:46pm On Dec 20, 2022
Please how do I get my tax clearance certificate as an employee of a private company in Nigeria. My monthly tax is deducted from my salary.
Please enlighten me, thanks.

2 Likes

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by seunayantokun(m): 5:46pm On Dec 20, 2022
The next step to the burial of what is left of the economy.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by airsaylongcome: 5:52pm On Dec 20, 2022
SmartyPants:


Remote workers are not taxed at source.

Says who? FTE remote workers can have tax deductions at source. Plus what is the government taxing them for? I’ve had to drop a huge sum buying new inverter batteries (that had VAT) . Pay an atrocious sum for Internet. And the government that has not provided any infrastructure to make my work easy want to tax me extra because I be remote worker? They should just prepare for lower remittances because dem no know say that fx income na hin dey keep many families afloat for Naija

4 Likes

Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by BreconHills(m): 5:52pm On Dec 20, 2022
oluwaseyi0:
Will this stop bankers from hoarding dollars and secretly selling it to bureau de change?

Is it only bankers? When one shoots an ant with an elephant gun, innocent people get hurt.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by airsaylongcome: 5:55pm On Dec 20, 2022
francichuks:
I think it is a good policy. U see,Truth be told,majority who criticise d CBN governor knows in d debt of their heart that it is aimed at bringing citizens to do their civic obligation or u call it responsibilitiy. For instance,if u dont have any business with Domiciliary account or transaction,wetin cincern u? It is a way of saying,to whom much is giving(those who earn in hard currencies) should also pay in proportion to d tune of what they earn(much is expected). D only reservation I have in all these,is that d economy doesn't encourage husslers,especially those who don't do fraud business. D economy is too harsh! Even hinest people are tempted 2 do wrong things,when they are frustrated,by harsh economic background. U know,in this country,Poverty is a default setting. Haba! Let start creating d enabling environment by ourselves,by voting d right people to public offices,especially in this forth coming election in 2023.

While you say the government is trying to get citizens to perform their civic responsibilities, has the government fulfilled their own responsibilities?
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by yusufu16: 5:56pm On Dec 20, 2022
GideonG:
Please does this apply to withdrawing dollars from your domiciliary account?

No. I think this applies to those who need dollar at official rate
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by BreconHills(m): 5:57pm On Dec 20, 2022
bdon123:
Omo emiefele is choking all illgal money peddlers.It affects me alot bt i support it.

I seriously doubt it affects you at all.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by hedonido: 5:57pm On Dec 20, 2022
Wait, Iif I want to withdraw USD in cash from my domiciliary account, would this requirement apply?
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by SmartyPants(m): 5:59pm On Dec 20, 2022
airsaylongcome:


Says who? FTE remote workers can have tax deductions at source. Plus what is the government taxing them for? I’ve had to drop a huge sum buying new inverter batteries (that had VAT) . Pay an atrocious sum for Internet. And the government that has not provided any infrastructure to make my work easy want to tax me extra because I be remote worker? They should just prepare for lower remittances because dem no know say that fx income na hin dey keep many families afloat for Naija

How can you be taxed when you're not legally employed in that country? To be taxed you'd have to be on a proper work permit/work visa.

What paperwork would the company file on your behalf when you dont have a legal identity there??

I've been doing this for many years as an FTE with well established companies and i have never ever heard of companies taxing remote workers.

That's fraud straight up.
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Depressed101: 6:02pm On Dec 20, 2022
PotatoSalad:

You mean tax get deducted, cos I've been paying more than $600/month as tax to the US government since July 2021.
We don't have tax treaty with the US.
Correct We do not have a tax treaty with the US. That I know of. I think you are supposed to be required by your employer to fill out a tax exemption form. Can't remember what it's called wether w2 or w3 form where you will select what country you reside at. I believe once you select Nigeria you are not supposed to pay any tax. Take my statement with. Pinch of salt. Please do your own research it's been longed I did anything tax in tradfi
Re: Tax Clearance Certificate Required For Foreign Exchange Transactions In Banks by Wickedfacts: 6:04pm On Dec 20, 2022
NEUDUDE:


Tinubunomics. Economics of wickedness to enslave the masses with net grin

Go to the front page, other idiots like you said it was targeted at Tinubu. You are now saying it is Tinubunomics.

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