Search
Where It All Happens
Home Business Nigeria Proposes New Bill Requiring Tax Identification Number for Bank Account Services
BusinessNews

Nigeria Proposes New Bill Requiring Tax Identification Number for Bank Account Services

By Oct 12, 2024, 08:53 am311

1147
0

A new bill proposed in Nigeria seeks to make it compulsory for individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number (TIN) as a precondition for opening a new account or operating an existing one.


The proposed legislation, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters,”  is said to boost tax compliance and improve the country’s revenue collection efforts.

Obtained from the National Assembly, dated October 4, 2024, individuals engaged in financial services in Nigeria will be required to provide a Tax Identification Number (TIN) as a prerequisite for opening a new account or maintaining an existing one.

The bill’s provisions, if passed, would have significant implications for the financial services sector in Nigeria, as it would necessitate the registration of a TIN for anyone seeking to access banking and other related services.

The proposed bill also stipulates that non-resident individuals providing taxable goods or services or generating income within Nigeria are required to register for tax purposes and obtain a Tax Identification Number (TIN). This measure ensures that non-residents engaged in economic activities within the country are tax compliant and contribute to government revenue.

To further ensure tax compliance, the proposed bill empowers tax authorities to automatically register individuals for a Tax Identification Number (TIN) if they do not take the initiative to register themselves. In these instances, the tax authority will issue a notification to the affected individual informing them of their registration and the allocation of a TIN.

Failure to comply with the proposed requirements may result in significant penalties, including a fine of N50,000 for the first month of non-compliance. Additionally, a further N25,000 will be imposed for each subsequent month of delay.

 

 

Previous PostJunketing President Tinubu Leaves UK for France Amid Fuel Price Hikes, Hunger at Home

Related articles

Lagos LAWMA Sweepers Protest N30,000 Salary, Say They Buy Brooms with Their Money

Peter Obi Will Join The APC – Presidency

Customer Abducts Online Vendor During Delivery in Lagos, Police Nab Suspects

311 thoughts on “Nigeria Proposes New Bill Requiring Tax Identification Number for Bank Account Services”

  23. tlovertonet

    Im now not positive the place you’re getting your information, but good topic. I needs to spend some time studying more or working out more. Thanks for excellent information I used to be on the lookout for this information for my mission.

    Reply ↓
  127. RobertVem

    В этой публикации мы предложим ряд рекомендаций по избавлению от зависимостей и успешному восстановлению. Мы обсудим методы привлечения поддержки и важность самосознания. Эти советы помогут людям вернуться к нормальной жизни и стать на путь выздоровления.
    Получить больше информации – https://nakroklinikatest.ru/

    Reply ↓
  141. Stanleysidly

    Этот интересный отчет представляет собой сборник полезных фактов, касающихся актуальных тем. Мы проанализируем данные, чтобы вы могли сделать обоснованные выводы. Читайте, чтобы узнать больше о последних трендах и значимых событиях!
    Подробнее можно узнать тут – https://nakroklinikatest.ru/

    Reply ↓
  222. vivod iz zapoya sochi_baor

    вывод из запоя в наркологическом стационаре [url=https://mymoscow.forum24.ru/?1-6-0-00022929-000-0-0-1730787405/]вывод из запоя в наркологическом стационаре[/url] .

    Reply ↓
  309. kalorifer sobası

    Keep up the fantastic work! Kalorifer Sobası odun, kömür, pelet gibi yakıtlarla çalışan ve ısıtma işlevi gören bir soba türüdür. Kalorifer Sobası içindeki yakıtın yanmasıyla oluşan ısıyı doğrudan çevresine yayar ve aynı zamanda suyun ısınmasını sağlar.

    Reply ↓
  310. kalorifer sobası

    Keep up the fantastic work! Kalorifer Sobası odun, kömür, pelet gibi yakıtlarla çalışan ve ısıtma işlevi gören bir soba türüdür. Kalorifer Sobası içindeki yakıtın yanmasıyla oluşan ısıyı doğrudan çevresine yayar ve aynı zamanda suyun ısınmasını sağlar.

    Reply ↓

Leave a Reply

Your email address will not be published. Required fields are marked *

Categories