Bank customers to present tax card from January as condition to run, open accounts

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Evidence of tax payment will be a condition for operating a bank account from January, according to the Financial bill passed by the National Assembly.

The Nation reports that the bill submitted to the lawmakers with Budget 2020 by President Muhammadu Buhari, is designed to widen the tax base.

The paper said, it is expected to be signed with the budget before end of the month.

“According to a section of the Bill, banks will require anybody opening an account to provide his Tax Identification Number (TIN). Those who already have accounts with banks will also be required to provide their TIN,” the publication wrote.

The tax identification number (TIN) is a unique identifier for an individual or a company for tax remittance, and it is prepared by the tax office and issued for proper identification and verification.

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