The Finance Bill 2021 has made it mandatory for commercial banks to demand the Tax Identification Numbers from anyone who wishes to open an account with them.

It also empowers banks to demand TIN from existing customers if they wish to continue to operate their accounts.

The Leader of the Senate, Yahaya Abdullahi, stated this on Wednesday in his lead debate on the bill, sent to the National Assembly by the President, Major General Muhammadu Buhari (retd.), on Tuesday.

He said, “Banks will be required to request for Tax Identification Number before opening bank accounts for individuals, while existing account holders must provide their TIN to continue operating their accounts.”

He also said the bill made electronic mails as the only channel that tax authorities would accept as a formal means of correspondence with taxpayers;

He added that proposed bill prescribes penalty for failure to deduct tax.

He said it would also apply to agents appointed for tax deduction.

Abdullahi said, “This penalty is 10 per cent of the tax not deducted, plus interest at the prevailing monetary policy rate of the Central Bank of Nigeria.

“The conditions attached to tax exemption on gratuities have been removed.

“Therefore gratuities are unconditionally tax exempt.

“The duties currently performed by the Joint Tax Board as relates to administering the Personal Income Tax Act, will now be performed by the Federal Inland Revenue service.

“This seems to be an error in the process of amendments to replace the word “Board” as it appears in Federal Board of Inland Revenue.”

He said penalty for Value Added Tax late filing of returns increased to N50, 000 for the first month and N25, 000 for subsequent months of failure;

He said, “The penalty for failure to register for VAT is reviewed upwards to N 50,000 for the first month of default and N25,000 for each subsequent month of default.

“The penalty for failure to notify FIRS of change in company address to be reviewed upwards to N50,000 for the first month of default and N25,000 for each subsequent month of default.

“This penalty also covers failure to notify FIRS of permanent cessation of trade or business.

“Quite significantly, the Finance Bill seeks to introduce sweeping changes to the tax laws covering seven different tax laws.

“Many of the changes are expected to have positive impacts on investments and ease of paying taxes especially for MSMEs.

“Going forward, we hope that changes to the tax laws will be on an annual basis to ensure that Nigeria’s tax system continues to evolve in line with economic conditions”

On the Personal Income tax Act, the Senate Leader said amendment clarified that pension contributions no longer require the approval of the Joint Tax Board to be tax-deductible;

He said, “On the other hand, the bill seeks to remove the tax exemption on withdrawals from pension schemes except the prescribed conditions are met.

funshint:
Just trying to increase the yoke on the neck of Nigerians. Who did us this?

Afamed:
Children of hate aka children of frustration with different lies. What has personal/individual account got to do with TIN?

PrinceOfLagos:
All of you are mad

funshint:
Just trying to increase the yoke on the neck of Nigerians. Who did us this?

PrinceOfLagos:

You did this to yourself the very day you voted for the world most useless and evil political party, The APC .

So Will you still vote for APC in 2023 ?

Ijoba4lyf:
“Banks will be required to request for Tax Identification Number before opening bank accounts for individuals, while existing account holders must provide their TIN to continue operating their accounts.”

https://punchng.com/finance-bill-makes-tin-mandatory-for-all-bank-accounts-holders/?utm_medium=Social&utm_source=Facebook#Echobox=1638992646

FreeStuffsNG:
Nowhere in the world do people love to pay tax.

It has always been so since the time of Jesus Christ that even Jews went to him to ask if they should pay tax to Caesar even when it was recorded that he himself paid tax.

I feel and understand the angst of people. The brighter side is that when the people are in the tax net and pay or forced to pay, they will hold government more accountable than they currently do. Is it not hypocritical that most of the loudest critics of government, especially on the social media are mostly folks who don't pay tax yet they enjoy petrol subsidy, electricity subsidies and be be lo. If we keep funding subsidies and most of us don't pay tax, then government will only continue to borrow and some corrupt public officials escape our pressure because the money being stolen is not your tax .

I really doubt if governance was as lacklustre in Aba in 1929 as it is now yet it's on record that women of Aba went on rampage to protest against tax hike and I had to memorize the year and the event in Primary School.

So what changed? As more free money was flowing in from oil, government paid less attention to tax, giving more people more disposable income and corrupt officials extra from the stealing from the free oil revenue inflows the opportunity to marry more wives and have more kids,even excess kids, our population ballooned and suddenly all resources became stretched and insufficient and here we are today when competitors is at almost every doorstep and almost back to the Hobbesian state..


These economic measures,like SAP,Austerity measures of those days, and improved social, political and security architecture will eventually cancel the factors that disturbed the positive equilibrium/stability we had before free oil money started pouring in.
We will be alright las las.

Let's not stop praying and hoping for the best in life and for this great nation.

All the enemies of Nigeria,Nigerians and lovers of Nigeria will lose las las. They always lose. God bless Nigeria forever.

PrinceOfLagos:

You did this to yourself the very day you voted for the world most useless and evil political party, The APC .

So Will you still vote for APC in 2023 ?

Ovamboland:


Of course APC all the way. So you want a situation where almost all workers in the informal sector continue to earn money tax free and contribute nothing to national development? While they constitute up to 70% if the workforce. The cheating of workers in the formal should end, the cost of running the country should be borne by all Nigerians not some.
Nigeria can't remain a primitive state that PDP left it,such that Nigeria public revenue is the smallest among the first 7 biggest economies in Africa, yet we are the biggest economy.

tungamaje:


The problem is that some few individuals would still embezzle whatever people pay as tax through treasury looting and helpless Nigerians won't be able to hold anybody accountable except ranting on Nairaland. Or who can fight corruption successfully here in Nigeria. People have lost faith in our administrators. All you wrote above would have been appropriate if we are living in a sane country

Ovamboland:


Of course APC all the way. So you want a situation where almost all workers in the informal sector continue to earn money tax free and contribute nothing to national development? While they constitute up to 70% if the workforce. The cheating of workers in the formal should end, the cost of running the country should be borne by all Nigerians not some.
Nigeria can't remain a primitive state that PDP left it,such that Nigeria public revenue is the smallest among the first 7 biggest economies in Africa, yet we are the biggest economy.

Ijoba4lyf:
Finance bill makes TIN mandatory for all bank accounts holders



https://punchng.com/finance-bill-makes-tin-mandatory-for-all-bank-accounts-holders/?utm_medium=Social&utm_source=Facebook#Echobox=1638992646