Regulatory Alerts2012-12-07 | TED/FEM/FPC/GEN/01/034Automation of FOREX Forms on the Trade Monitoring System (Single Window System for Trade)
The Trade and Exchange Department of Central Bank of Nigeria has extended the commencement date for full implementation of Taxpayer Identification Number (TIN) on trade portal from December 6th to December 13th, 2012. During this period, e-Form 'M' submission should be done electronically, and banks without TIN validation should request their customers for TIN validation by December 13th. Scanning Service Providers should accept e-Forms with or without TIN validation. Importers are required to ensure that the address on their Pro-forma Invoice matches their TIN and NCS database addresses until December 13th. All Authorized Dealers must continue online submission of Forms 'M' using either TIN or RC Numbers by this new date.
porate Head Off tral Business Distr M.B. 0187. Garki, Abuja, FC 09 462 37804 TRADE AND EXCHANGE DEPARTMENT 09 462 37802 E-mail Address: ted@cenbank.org December 7, 2012 REF: TED/FEM/FPC/GEN/01/34 TO: ALL AUTHORISED DEALERS, NIGERIA CUSTOMS SERVICE, SCANNING SERVICE PROVIDERS AND THE GENERAL PUBLIC THE TRADE OF FOREX FORMS ON AUTOMATION SYSTEM FOR MONITORIONG SYSTEM (SINGLE WINDOW TRADE) Further to our circular ref: TED/FEM/FPC/GEN/01/031 in respect of the above, all Authorized Dealers, Scanning Service Providers, the Nigeria Customs Service (NCS) and the General Public are hereby informed that the commencement date for the full implementation of Taxpayer Identification Number (TIN) on the trade portal scheduled for 6th December, 2012 has been extended to 13th December, 2012.
During the period of the extension, from 6th to 12th December, 2012, the following are to be complied with:
- Submission of the e-Form 'M' will be done electronically by all banks with or without TIN validation from 6th December, 2012; 2. The non-pilot banks to request their customers to validate their TIN before 13th December 2012; 3. Scanning Service Providers(SSPs) to accept e-Form 'M' with or without TIN validation and Address; and 4. Importers to ensure that address on Pro-forma Invoice (PFI) to be Head Office address (not branch office address) and should agree with the address used for TIN and that in the NCS database.
All Authorized Dealers are, therefore, required to continue the on-line submission of the Forms 'M' using either the TIN or RC Numbers until 13ª December, 2012.
Please ensure compliance accordingly.
N. T. IGBA for: DIECTOR, TRADE & EXCHANGE DEPARTMENT