A new bill proposed in Nigeria is set to make it mandatory for individuals to provide a Tax Identification Number (TIN) when opening or operating bank accounts.
This legislation, introduced by the National Assembly, aims to bolster tax compliance across various financial sectors, including banking, insurance, and stockbroking.
Under the new bill, banks and other financial institutions will be required to verify the TIN of account holders before allowing them to open new accounts or continue operating existing ones.
This is part of broader government efforts to streamline the tax system and curb tax evasion.
In addition to financial institutions, individuals working in these sectors will also be required to possess a valid TIN.
The bill also empowers tax authorities to automatically register eligible individuals who should have applied for a TIN but have not yet done so.
The proposed legislation is expected to strengthen Nigeria’s tax system and improve revenue generation by ensuring that more citizens and businesses are properly registered with the tax authorities.
