Evidence of tax payment will be a condition for operating a bank account beginning from January 2020. That is according to the Financial bill passed by the National Assembly.
The Bill, submitted to the lawmakers with the 2020 Budget by President Muhammadu Buhari, is designed to improve financial operations in the country and streamline the tax regime.
It is expected to be signed with the budget before end of the month, to actualise the return to the January – December budget cycle.
According to a section of the Bill, banks will require anybody opening an account to provide their Tax Identification Number.
Those who already have accounts with banks will also be required to provide their Tax Identification Number (TIN)
The intention is to make sure that more people are captured into the tax net.
