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New Bill Mandates Tax ID for Opening Bank Accounts

Oluwadara Akingbohungbe
By Oluwadara Akingbohungbe
Published: October 11, 2024
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1 Min Read
Tax
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A new bill in Nigeria is set to require individuals and entities engaged in financial activities to provide a Tax Identification Number (TIN) to open or operate bank accounts, Okay.ng reports.

This legislation, dated October 4, 2024, aims to boost tax compliance and revenue collection.

This bill is part of broader efforts to ensure all individuals and entities participating in financial activities are properly registered for tax purposes.

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