Many Nigerians Will Not Have Access To Their Bank Accounts From Next Year

Nigerians are in for a shock as the Finance Bill currently passed by National Assembly has amended sections 33, 49 & 58 of the Personal Income Tax Act. Thus, individuals are required to produce their “Tax Identification Numbers” (TIN) before they can operate existing or new bank accounts in Nigeria.

What this means is that, if you don’t have TIN, you will not be able to operate your bank account. This may come as shock to many, but the important thing to do at this point is to ensure you have a TIN as the date for implementation has been set for 2nd of January 2020. The minister of finance, Zainab Ahmed, made this known to the public.

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If you run a registered business and have dealings with government, there is a likelihood you already have your TIN, so you should not have issues. The idea of this new law is to get more Nigerians into the tax net.

It has been revealed that bank users must provide their evidence of tax payment as a condition for operating a bank account as from January, according to the financial bill passed by the National Assembly.

Contained in the Bill submitted to the lawmakers with Budget 2020 by President of the federal republic of Nigeria, Gen. Muhammadu Buhari, is designed to improve financial operations of the country and streamline the Nigeria tax regime. It is expected to be signed with the budget before the end of the month, to actualize the return to the January – December budget cycle.

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According to a section of the Bill, banks will require anybody opening an account to provide his Tax Identification Number (TIN). It is also mandated that those who already have accounts with banks will also be required to provide their TIN.

It was also disclosed that there are 30 million Bank Verification Numbers (BVN)-linked accounts, and the intention is to make sure that more people are captured into the tax net.

According to the Joint Tax Board, the tax identification number (TIN)is a unique identifier for an individual or a company for tax remittance. The TIN is prepared by the tax office and issued for proper identification and verification.

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Obtaining TIN is FREE of charge, you should not pay for it. Also, there are no age limits in having TIN as teenagers are obliged to pay Tax if they receive income from a company. The only exemptions are on certain thresholds of income.

If you want to verify your TIN or to know if you have one, you can go to the Joint Tax Board website. https://tinverification.jtb.gov.ng

Or Federal Inland Revenue Website https://apps.firs.gov.ng/tinverification/

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