As from January 2020, banks will require what is called Tax Identification Number (TIN) from anyone who intends to open accounts with them
In line with the financial bill recently passed by the National Assembly, all bank customers must come with evidence of tax payment.
The bill was submitted to lawmakers alongside the 2020 budget presented by President Muhammadu Buhari.
The aim is to enhance financial operations in Nigeria and checkmate issues related to tax, The Nation reports.
The bill states that banks will require Tax Identification Number (TIN) from anyone who intends to open accounts with them while pre-existing customers will also have to provide the TIN before carrying out transactions.
The TIN which is a unique identifier for an individual or a firm for tax payment.is prepared by the tax office and issued for proper identification and verification.
Application for the TIN is free and should not be more than 48 hours after a request is submitted.