As part of the federal government’s new tax administration framework, which is scheduled to go into effect on January 1, 2026,
banks will have to ask all taxable Nigerians for a Tax Identification Number (TIN), according to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms.
In an interview posted on his X account on Thursday, Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, revealed this.
According to him, Section 4 of the Nigerian Tax Administration Act, which takes effect on January 1, 2026, makes the possession of a tax ID mandatory for all taxable individuals.
According to him, Section 4 of the Nigerian Tax Administration Act, which takes effect on January 1, 2026, makes the possession of a tax ID mandatory for all taxable individuals.
He clarified that the requirement does not apply to students or dependents, who will be exempted from needing a tax ID to maintain a bank account. Continue…..
