Come January 2nd, 2020, millions of Nigerians won’t be able to access their bank account without having Taxpayer Identification Number, TIN.
This is because of the Finance Bill currently passed by the Ninth National Assembly has amended sections 33, 49 and 58 of the Personal Income Tax Act. Thus, individuals are required to produce their Taxpayer Identification Numbers(TIN) before they can operate their existing or new bank account in Nigeria.
It simply means, if you failed to provide your TIN, you are not eligible to have access to your bank account. All commercial banks have been noted on this new development in the banking sector in Nigeria.
Don’t see it as shock, but see it as important thing to do at this point to ensure you have your TIN details with you.
The date for the full implementation has been set for 2nd of January, 2020.
If you run a registered business and have dealings with government, there is a likelihood you already have your TIN, so you should not have issues.
This idea of this new law is to get more Nigerians into the tax net.
To obtained TIN is free of charge, you should not pay for it.
There are no age limits in having TIN as teenagers are obliged to pay Tax if they receive income from a company. They only exemptions are on certain threshold of income.
If you have registered before, and you want to verify your TIN, you can go to Joint Tax Board
website. https://tinverification.jtb.gov.ng or Go to Federal Inland Revenue Website https://apps.firs.gov.ng/tinvertification