• Latest
  • Trending
  • All
New bill Mandates Nigerians to present Tax ID before Opening Bank Accounts

New bill Mandates Nigerians to present Tax ID before Opening Bank Accounts

Які сюрпризи може принести стильний аксесуар, якщо поряд з вами парик 24

MARITAL DESERTION: ABANDONING A MARRIAGE PARTNER OR RUNNING AWAY FROM MARRIAGE

MARITAL DESERTION: ABANDONING A MARRIAGE PARTNER OR RUNNING AWAY FROM MARRIAGE

Regulatory Compliance of Cryptocurrency: A Comparative Analysis of Nigeria Law vis- a-vis Global Law

Regulatory Compliance of Cryptocurrency: A Comparative Analysis of Nigeria Law vis- a-vis Global Law

NNPC Boss Ojulari Allegedly Forced to Resign

Presidency opens up on Alleged ‘Forceful Resignation’ of Ojulari as NNPC Chairman

Boxing legend Muhammad Ali’s brother dies

Boxing legend Muhammad Ali’s brother dies

NNPC Boss Ojulari Allegedly Forced to Resign

NNPC Boss Ojulari Allegedly Forced to Resign

FG Plans Mandatory Drug Tests for Undergraduate Students, Reveals Commencement Date

FG Plans Mandatory Drug Tests for Undergraduate Students, Reveals Commencement Date

Angry Youths loot CBEX Office in Ibadan [Video]

EFCC Gives Update on CBEX Funds Recovery

Dino Melaye dumps PDP, says ‘Party is impotent’

Dino Melaye dumps PDP, says ‘Party is impotent’

When Wolves Wear Sheep’s Clothing by Fatimah Hamid

Killer Of Kwara Final-Year Student Sentenced To Death

Girlfriend stabs Boyfriend to Death in Ondo for Cheating

Girlfriend stabs Boyfriend to Death in Ondo for Cheating

CAC sets Deadline to delist 100,000 Dormant Companies

CAC sets Deadline to delist 100,000 Dormant Companies

  • About Us
  • Advertise with Us
  • Editorial Policy
Friday, August 8, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Business News

New bill Mandates Nigerians to present Tax ID before Opening Bank Accounts

by iDeemlawful
October 13, 2024
A A
New bill Mandates Nigerians to present Tax ID before Opening Bank Accounts
FacebookTwitterWhatsapp

A new bill proposed has required Nigerians engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number serving as 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;

The bill 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.

RelatedPosts

Nigerian Government sets New Entry Age for Admission to JSS 1

Tinubu Gives Fresh Appointment to Babangida’s Son, Others

FULL TEXT: Tinubu’s tribute for Buhari at special FEC

Tinubu renames Maiduguri Varsity after Buhari

The bill made available by National Assembly, dated October 4, 2024, states that;

“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

Tags: FIRSNigeria Government
Previous Post

How to Develop Mobile Apps without Coding

Next Post

Hardship: Amaechi’s call for protest against Tinubu’s govt ‘shameful, reckless’ – Matawalle

iDeemlawful

iDeemlawful

Related Posts

CAC sets Deadline to delist 100,000 Dormant Companies
Business News

CAC sets Deadline to delist 100,000 Dormant Companies

Business News

After $3b repairs, NNPC Considers Selling Nigeria’s 445,000 bpd Refineries

31 African Countries Affected by 3-Month Validity of US Visa: FULL LIST
Business News

31 African Countries Affected by 3-Month Validity of US Visa: FULL LIST

Why NNPC Refineries May Never Work Again – Dangote
Business News

Why NNPC Refineries May Never Work Again – Dangote

Reactions as CAC’s AI system approves ‘BokoHaram Hub’, ‘Nigeria Must Scatter’, others for Business Names
Business News

Reactions as CAC’s AI system approves ‘BokoHaram Hub’, ‘Nigeria Must Scatter’, others for Business Names

Nigerian Banks resume International Transactions on Naira Cards
Business News

Nigerian Banks resume International Transactions on Naira Cards

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud
Business News

Court rejects CBEX promoters’ bail Application

What Benefits Tinubu’s New Tax Laws Mean for Nigerians and Businesses?
Business News

What Benefits Tinubu’s New Tax Laws Mean for Nigerians and Businesses?

CAC Increases Service Fees from  August 1
Business News

CAC Increases Service Fees from August 1

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud
Business News

CBEX Resumes Operations, asks Nigerian Investors To Deposit $200

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In