Bank Customers Will Begin To Present Evidence Of Tax Payment Starting From 2020

Evidence of tax payment will be a condition for operating a bank account from January, according to the Financial bill passed by the National Assembly.

The Bill, submitted to the lawmakers with Budget 2020 by President Muhammadu Buhari, is designed to improve financial operations of 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 his Tax Identification Number (TIN).

Those who already have accounts with banks will also be required to provide their TIN.

There are 30 million Bank Verification Numbers (BVN)-linked accounts.

The intention is to make sure that more people are captured into the tax net.

According to the Joint Tax Board, the tax identification number (TIN) is a unique identifier for an individual or a company for tax remittance.