The Nigerian government has introduced a bill that will make Tax Identification Numbers (TIN) mandatory for opening and operating bank accounts across the country. The proposed law, which was presented to the National Assembly, is a crucial part of Nigeria’s broader efforts to increase revenue and close gaps in its tax system.
Under this new regulation, both individuals and businesses must present a valid TIN to open new bank accounts or continue using financial services. This requirement also extends to non-residents offering taxable services in Nigeria, ensuring that even foreign entities contributing to the Nigerian economy are brought under the tax net. However, certain exemptions are expected, particularly for passive investors.
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