Nigerians operating an account , to present their Tax Identification number begi…


Nigerians operating an account , to present their Tax Identification number beginning from January 2020 .
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Beginning from January 2020, any Nigerians operating an account with any bank, or intends to open a new account, will be mandated to present his or her Tax Indetification Number TIN, the Nation reports. .
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This directive is contained in the Financial bill passed by the National Assembly on November 21st. The Bill, submitted to the lawmakers with Budget 2020 by President Buhari, is designed to improve financial operations of the country and streamline the tax regime. According to a section of the Bill, banks will require anybody opening an account to provide his Tax Identification Number (TIN) while those who are already operating a bank account, will also be required to provide their TIN. .
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The move is to get more Nigerians to pay their taxes.
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. Applying for TIN is free. The TIN generation process is real-time and should not exceed 48 hours after a request is submitted.



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