New Policy on Taxes in Nigeria
Individuals and Non-Individuals in Nigeria need to take interest in knowing about taxes in Nigeria. Many things are actually going on in the background which many people are still ignorant of. But I can say that there is fire on the mountain. I hope you hear me well. There is fire on the mountain! Therefore, you have to run, run and run. But where are you running to? Unfortunately, no matter how fast or how long you run, there is nowhere to hide.

So, if there is nowhere to hide, why sounding an alarm? Well, to be forewarned is to be forearmed. Knowing in advance what can happen help you to be well prepared. If you are sensitive to the happenings in the country, you will understand that taxes are fast becoming a focus for generating revenues for all levels of government. Naturally, we don’t like paying taxes here in Nigeria. But with the initiatives being taken by the government, Nigerians may not have choice but to be tax compliant. This is the essence of this article.

If you don’t know, Senate has passed a Finance Bill that makes it mandatory for individuals to presents their Tax Identification Number (TIN) as a requirement for opening, maintaining and operating a bank account in Nigeria. This law is billed to take effect from 2nd January 2020. However, because of the short notice to bank customers, I guess that there may be a need for banks to give a grace period so that customers will have ample time for the TIN registration so as to be able to comply with his new policy. However, it is possible that you have been assigned Tax Identification (TIN) without your knowledge. If you have enrolled for BVN, NIN or you work in an organization that remits Pay As You Earn (PAYE), there is likelihood that Joint Tax Board has assigned you a TIN. For the self-employed, you might have been assigned TIN at the point of registering your business or company especially if the registration is done recently. But if you are in doubt of whether you have a TIN or not, you can verify this from the JTB Portal.

If you realise that you don’t have Tax Identification Number yet, then you need to quickly register. So, after registration, what next? Well, the breaking news is that you are now in the tax net. Your TIN is automatically linked to your bank account. I hope this is not causing you panic already. I believe that many people share your feeling. That is, you are not alone. “All have sinned and fallen short of the glory of God”. The big question now is “If thou shall mark iniquity, who can stand?” At this juncture, every Nigerian needs to do self-assessment so as to determine where he stands. Thereafter, the next thing will be to ask Nicodemus’ question, “what can I do to be saved?” No matter the situation or challenge, there is always what to do. So, what can you do? Below are the steps you need to take............
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