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Submission: On June 19 via api from ZA — Scanned from DE
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55 Skip to content Search for: Menu Search for: * News * Entertainment * Business * Politics * City Beats * Opinion * Sports * About us * Advert Rates * News * Entertainment * Business * Politics * City Beats * Opinion * Sports * About us * Advert Rates BANKS TIGHTEN FOREX PROCESSES TO BLOCK RACKETEERING Nduka Chiejina, Abuja * * * June 19, 2023 * Three-year tax, name verification, clearing rate Banks have started implementing enhanced foreign exchange (forex) rules to forestall sharp practices in forex application, allocation and use, in line with the ongoing forex reforms by President Bola Tinubu’s administration. Circulars by banks at the weekend showed several updates in the forex application processes as part of enhanced measures to reinforced documentation requirements. The new measures were with immediate effect and applied to pending and new forex applications, according to the banks. YouTube Channel Error loading media Special BBC report on Nigeria's presidential poll unstick Share this video Copy PausePlay 00:00% Buffered100 PreviousPausePlayNext Live 00:00 / 06:55 UnmuteMute SettingsExit fullscreenFullscreen Copy video url Play / Pause Mute / Unmute Report a problem Language Back Default English Español Українська Русский Share Back Facebook Twitter Linkedin Email Vidverto Player All forex applicants for invisible items such as school fees, business travel allowance (BTA), personal travel allowance (PTA) and medicals; all small and medium enterprises (SMEs) and other corporates are expected to, henceforth, submit tax clearance certificate (TCC) evidencing tax payment and compliance for three years preceding the current year of assessment. Alternatively, the applicants must provide tax exemption certificate for the same period. According to the new forex processing regime, in addition to documents required to be uploaded on Central Bank of Nigeria (CBN)’s platform, forex applicants must provide TCC that covers a three-year period preceding the year of the forex application with the tax identification number (TIN) visible and legible. Also, the name on the TCC must match the applicant’s name on the CBN portal while TCC would be verified by the bank through the relevant local tax authority. The new requirements apply to all applicants including for the purchase of forex for Form A-invisible, Form Q-SMEs, Form M-Letters of Credit and Bills for Collection. The enhanced processing regime brought to bear provisions of Section 85(2), (4) and (5) of the Personal Income Tax Act 2011, as amended. Ads by Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 00:00/01:00 Skip Ads by Besides, all forex applicants for BTA, PTA, medicals, SMEs and others categorised under Form A and Form Q will now be provided forex on the basis of prevailing rate at the Investors and Exporters Window (I &E W) as at the time of processing by the bank. Neue kleine Elektroautos für Senioren – der Preis wird Sie vielleicht überraschen Elektroautos | Suchanzeigen | Sponsored Diabetes Is Not From Sweets! Meet The Main Enemy Of Diabetes diabeteslife.online | Sponsored The CBN last Wednesday in a circular entitled: “Operational Changes to the Foreign Exchange Market (OCFEM)”, outlined new guidelines in a major reform of the forex market. The highlights of the circular included the collapse of all forex windows into the (I & E) window, re-introduction of the “willing buyer, willing seller” model at the I & E window for all eligible transactions and pegging of all government-related forex transactions to the weighted average rate of the preceding day executed transactions at the I & E window. Other highlights included proscription of trading limits on oversold forex positions with permission to hedge short term positions in over-the-counter (OTC) futures, re-introduction of order-based two-way quotes with a bid-ask spread of N1.00, and the cessation of cash-tied rebate schemes of the CBN with effect from June 30. At the official I & E Window, the naira depreciated from the previous close of N471.67 per dollar to N664.04 per dollar after the CBN allowed commercial banks and dealers to sell forex at market-determined rates. Finance and economic experts described the adoption of a floating forex system by the CBN as a positive development for the Nigerian economy. Experts across the various sectors of the economy said the market-driven rates would unlock significant opportunities for the economy, curtail corruption and create enabling environment for the national growth and development. Fiscal Policy Partner and Africa Tax Leader, PwC, Taiwo Oyedele, said the decision was a positive move that should bring more benefits than pains to the economy. He outlined that with the market-driven rate, the aggregate demand for forex across markets should reduce as round-tripping incentive is removed, noting that avenues for corruption such as people who fake foreign travels just to get forex at discounted rates would be. “Also, Nigeria’s sovereign credit rating should improve if this is complemented with the right fiscal and monetary policies thereby attracting more forex inflows and lowering the cost of borrowing,” Oyedele said. In a 10-point impact analysis, Oyedele explained that while the decision expectedly would have some negative implications, the overall impact would be positive for the economy, government revenue and the capital market. Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe said the market-driven rate was another painful reform that needed to be done, noting that the multiple exchange rate regime was not doing the economy any good. “Not only did the former multiple exchange rate system discourage inflow of much-needed foreign investments, it also encouraged massive corruption. Harmonising the rates should lead to better price discovery and hopefully lead to more transparent commerce. That is why the markets responded to it positively,” Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS) said. -------------------------------------------------------------------------------- Abuja doctor reveals a unique way to permanently cure weak erection, small and shameful manhood, and infertility issues without side effects within a short period. 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Made by Huge. word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word word mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 mmMwWLliI0fiflO&1 Search for: Menu Search for: More stories to check out before you go Keep on reading Emefiele launches fresh plot against President-elect Tinubu | The Nation NewspaperCentral Bank of Nigeria (CBN) Governor Godwin Emefiele is playing his “last card” in the closing chapter of the high-stake power-play that has embroiledThe Nation Newspaper Group 3 Undo VIDEO: My household goes to church on Sundays, leaving me alone - Tinubu The Nation NewspaperA post shared by The Nation Newspaper (@thenationnewspaper)The Nation Newspaper Group 3 Undo On Bola Tinubu’s visit to Obasanjo The Nation NewspaperOn Bola Tinubu’s visit to ObasanjoSome days ago, the APC presidential candidate, Asiwaju Bola Ahmed Tinubu, visited the former president, Chief Olusegun Obasanjo, in his Abeokuta home. 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