₦airaland Forum

A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or operating an existing one.

According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters”, this legislation aims to enhance tax compliance and improve the country’s revenue collection process.

The bill, obtained from the National Assembly and dated October 4, 2024, stated, “A person engaged in banking, insurance, stock-broking, or other financial services in Nigeria shall make the provision of a tax ID, a precondition for opening a new account or operating an existing account.”

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

The bill also outlines that any non-resident person supplying taxable goods or services to any individual in Nigeria or deriving income from the country must register for tax purposes and obtain a Tax ID.

However, non-resident individuals who derive only passive income from investments in Nigeria will not be required to register, although they must provide relevant information as prescribed by the relevant tax authority.

The proposed legislation also empowers the relevant tax authority to automatically register and issue a Tax ID to individuals who should apply for one but fail to do so.

In such cases, the tax authority is required to promptly notify the individual of their registration and the issuance of the tax ID.

Failure to comply with these requirements may result in administrative penalties. According to the bill, a taxable person who fails to register for tax will incur a penalty of N50,000 in the first month of non-compliance, followed by N25,000 for each subsequent month.

Source: https://punchng.com/New-bill-mandates-tax-ID-for-opening-bank-accounts

Long overdue

helinues:
Long overdue

One of T-pain's aggressive but tactless e-advocates. You want to tax poverty?

Is this just Only about recieving from the masses

Pls what are the things given back to the masses in return? Nothing. Except suffering

Awon eni ibi

Tax collector

Bt nothing to show for iT🥱

Just 15 years ago, you were begging villagers and market women to open bank accounts, now they need to provide Tax IDs..

It's okay, many will pull out their money and keep their cash at home.

This should be the norm except that our people don’t like accountability.

Buhari used koboko to flog Nigerians but Tinubu prefers to cane Nigerians with scorpion tail.

His only interest in power is to use it to steal the country's assets. Using monies looted from lagos to buy Nigeria.

Even the dead in the grave will soon have a tax to pay for staying below six feet.

ValCon888:
Buhari used koboko to flog Nigerians but Tinubu prefers to cane Nigerians with scorpion tail.

His only interest in power is to use it to steal the country's assets. Using monies looted from lagos to buy Nigeria.

Even the dead in the grave will soon have a tax to pay for staying below six feet.

Yeeeee.........

W

lionshare:
This should be the norm except that our people don’t like accountability.

Is Tinubu's government accountable ?

You want your citizens to be accountable but the government should live a large lifestyle without accountability...

What Is leadership for again?

You guys while defending nonsense forget the primary purpose of things...


Back to the topic, we warned them seriously about Tinubu, they didn't listen, all they kept shouting was Lagos IGR and never cared to bother themselves how the IGR came about and what exactly the IGR is used for, a state with such a huge IGR still the most indebted state and still taking huge loans to do almost all their major projects, they thought governance is all about IGR, when I say the Lagos scam some don't understand, what you're seeing Tinubu do to Nigeria is what he has been doing in Lagos...

BVN can be use for this since it is link to all our financial account and every bank transactions are already tax since a percentage is deducted from our money this government should stop its policies of anti-people and let the poor breath

You cannot tax unemployed people - Peter Obi

https://www.facebook.com/share/r/i2fkJsjGhMTzZ4ef/?mibextid=D5vuiz

Tax, tax, tax the people for decades with nothing to show. No significant progress and the country is still backward.

Nigeria can never get better.

Ok

I told yeah this madness

helinues:
Long overdue

You're disgusting

This does not make sense at all

Guy, I had said it before this man appeared on the ballet box, that Nigerian will pay tax even for the boreholes you dig in your compound.


The man is delaying tollgates maybe till something is done about Lagos-Calabar road. We will pay tax before entering another state or local government before this man leaves office.

Una never chi chom chim




2023 to 2031

lionshare:
This should be the norm except that our people don’t like accountability.

how is it supposed to be the norm ?
Even the UK that is notorious for taxing you to your jugular will not propose such a draconian policy

Nigeria has a huge shadow economy
how will you drive financial inclusion with this kind of policy ?

It is finished

helinues:
Long overdue

T-Pain Bot sighted.

helinues:
Long overdue

Explain what was said in one short paragraph and in another, please briefly highlight the benefits of the subject matter in a system like Nigeria.

Thieves instead of providing sources of wealth they are stealing

lionshare:
This should be the norm except that our people don’t like accountability.

Basic amenities provision should be the norm but we have wicked leader

Alright

You are taxing the masses and you are not doing anything to better their lives.

Previous governments didn't take taxes seriously because Nigerians are too broke to pay taxes, but this government doesn't give a damn! The only thing Tinubu knows how to do is cause pain, increase taxes and jubilate for increasing IGR.

These measures are coming from people who want to destroy Nigeria and make it look like Somalia and Eritrea. The puppet is being controlled by the West through the IMF and World Bank. They have something on him, so they've caged and manipulated him into submission otherwise, they would let the cat out of the bag. We are in real trouble, and there's still a long way to go. The bridge is too far, so everyone should brace themselves.