Nigerians Will Not Access Their Bank Accounts From January 2020, See Reason!

The federal government has initiated a mechanism that will ensure you pay your taxes promptly. You will recall that the assembly had amended sections 33, 49 & 58 of the Personal Income Tax Act, making it mandatory for individuals to produce their Tax Identification Numbers (TIN) before they can operate existing or new bank accounts in Nigeria.

What is the implication?

It means that millions of Nigerians without a valid Tax Identification number may be denied access to their bank accounts from January 2020 following the passage of the Finance Bill, as amended, by the National Assembly.

The implication of the amendment is that those without will not be able to operate their bank accounts.

Individuals without the TIN are, however, advised to obtain the same before January 2, 2020, which according to the country’s finance minister, Zainab Ahmed, is the date the implementation of the policy will commence.

Individuals can verify whether they have TIN or not by visiting the Joint Tax Board website. https://tinverification.jtb.gov.ng Or Federal Inland Revenue Website https://apps.firs.gov.ng/tinverification/

For your information, you can visit the nearest FIRS office near you or verify online via the link above.