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Finance Bill: Bank Customers to Present Evidence of Tax Payment

If signed into law, the finance bill passed by the Nigerian Senate states that customers must come to banks with evidence of tax payment –

Banks will require what is called Tax Identification Number (TIN) from anyone who intends to open accounts with them –

President Muhammadu Buhari presented the bill to the National Assembly in October

In the financial bill recently passed by the National Assembly, all bank customers must come with evidence of tax payment.

The bill was submitted to lawmakers alongside the 2020 budget presented by President Muhammadu Buhari. The aim is to enhance financial operations in Nigeria and checkmate issues related to tax, The Nation reports. The bill states that banks will require Tax Identification Number (TIN) from anyone who intends to open accounts with them while pre-existing customers will also have to provide the TIN before carrying out transactions. The TIN, which is a unique identifier for an individual or a firm for tax payment, is prepared by the tax office and issued for proper identification and verification.

Application for the TIN is free and should not be more than 48 hours after a request is submitted. Meanwhile, Legit.ng reported that the bill to increase the tax on goods among others had been passed by the Nigerian Senate when they passed the Finance Bill. It was gathered that President Buhari in October presented the bill to the National Assembly. The bill seeks to increase the value-added tax from 5 per cent to 7.5 per cent. If signed into law, Nigerians will pay more for specific goods and services that attract VAT.

READ MORE:  The Nigerian Stock Exchange Started the Week on a Negative Note

Source: Legitng

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