Tax Identification Number Now Mandatory To Open Bank Accounts In Nigeria.

 The Finance Bill 2021 has made it mandatory for commercial banks to demand the Tax Identification Numbers from anyone who wishes to open an account with them.

It also empowers banks to demand TIN from existing customers if they wish to continue to operate their accounts.

The Leader of the Senate, Yahaya Abdullahi, stated this on Wednesday in his lead debate on the bill, sent to the National Assembly by the President, Major General Muhammadu Buhari (retd.), on Tuesday.

He said, “Banks will be required to request for Tax Identification Number before opening bank

accounts for individuals, while existing account holders must provide their TIN to continue operating their accounts.”

He also said the bill made electronic mails as the only channel that tax authorities would accept as a formal means of correspondence with taxpayers;

He added that proposed bill prescribes penalty for failure to deduct tax.

He said it would also apply to agents appointed for tax deduction.

Abdullahi said, “This penalty is 10 per cent of the tax not deducted, plus interest at the prevailing monetary policy rate of the Central Bank of Nigeria.

GUYS, WHAT DO YOU THINK?

..

................
LINKS YOU MIGHT LIKE.
(OPTIONAL TO CLICK).
1. For More News Updates, Visit my blog. www.edesononlinenews.com

2. I Design Websites & Register Business Names at Corporate Affairs Commission. Call Or WhatsApp 08136125128.

3. To know more about my services, kindly visit my company website.
....

Obinna Christopher Nwabuikwu

I no understand this crap talk

Olakunle Ogundare

They are mad

Temitope Arajuwa Atangbayila

Endy it's a bill not yet a law
1

Daniel E Rufus

Jobless Nigerians must pay tax for being jobless now.

Aniedi Basil

They are not serious

Ayokunnu Ishola Ajibola

The Egyptians you see today, you will not see again in 2023

Aligba Jerry T

Part 1 from APC "Change" .... Baba never started... By next year Nigeria should experience the Real "Change" they voted for. Hehe

Gideon Aigbavboa Nelson

Time will come that bank's will be begging for customers

Comments