Millions Of Nigerians Will Not Have Access To Their Bank Accounts From January 2nd 2020(See Why)

From 2nd, January, 2020, millions of Nigerians will not be able to access their bank accounts, Igbere TV has learnt.

This is because of the Finance Bill currently passed by National Assembly has amended sections 33, 49 & 58 of the Personal Income Tax Act. Thus, individuals are required to produce their Tax Identification Numbers (TIN) before they can operate existing or new bank accounts in Nigeria.

What this means is that, if you don't have TIN, you will not be able to operate your bank account. This may come as shock to many, but the important thing to do at this point is to ensure you have a TIN as the date for implementation has been set for 2nd of January 2020. The minister of finance, Zainab Ahmed, made this known to the public.

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. The idea of this new law is to get more Nigerians into the tax net.

Obtaining TIN is FREE of charge, you should not pay for it. Also there are no age limits in having TIN as teenagers are obliged to pay Tax if they receive income from a company. The only exemptions are on certain thresholds of income.

If you want to verify your TIN or to know if you have one, you can go to the Joint Tax Board website. https://tinverification.jtb.gov.ng

Or Federal Inland Revenue Website https://apps.firs.gov.ng/tinverification/

Source : http://igberetvnews.com/1175711/millions-nigerians-will-access-bank-accounts-january-2nd-2020see/

Buharizing every Nigerian in the name of leadership . The little Income we receive is what they are eager to share from it .

na them talk am o

so person wey no get job is expected to pay tax

People will start keeping money in their homes going forward.

This government should be able to understand how most nigerians think.

This policy is targeted only at the 5%, in fact those that didn't vote for the dullard are the ones going to pay up the debt the dullard and his cronies are squandering.

Nickisindigo:
so person wey no get job is expected to pay tax

No one is going to deduct tax from your account. The idea is to give the tax agencies access to every nigerian's account. When that happens, it becomes easier for these agencies to bring people into the tax net.

For example, LIRS can request that banks give them a list of customers who have a balance or (and) turnover of N5m in a 12 month period. When they get a list of these customers and their corresponding Tax Identification Numbers, they can now check through their own records to verify if they are all paying taxes. If they are not paying taxes, it becomes easy for the agency to track them. If they are paying but not in consonance with what their accounts are showing as income or potential income, they would be investigated.

So those with little transactions on their accounts like the unemployed or students will probably never be disturbed by the agencies because there accounts will hardly fall into accounts that would come under scrutiny.

Altogether, its not a bad idea. The only challenge there is the fact that most nigerians are not willing to pay tax and for good reason too.

Why would anyone want to pay tax only to have tax payers money lavished by people like Tinubu, Okezie Ikpeazu, Yahaya Bello and the likes?

So most nigerians are likely to start hoarding cash in their homes, and will use the banks minimally.

that means many banks are going to close

How those this create job 4 d unemployed youth