The financial bill of 2021 being deliberated on by the Lawmakers of the House of Senate would instruct local banks to demand a Tax Identification Number to either open an account or continue to operate an existing one.
The Big Picture.
In generating revenues to improve the economy, the Federal Government has tightened its grip on taxes. The bill which President Muhammadu Buhari is seeking approval would require that local banks demand for Tax Identification Number to open new accounts or for old customers to continue operating their accounts.
The bill would also see that non-residents individuals and foreign companies like Twitter, Google, Facebook, etc. who earn from Nigeria become taxable. There would be a 10% fine for failure to comply.
The proposed bill, which was read by the President of the Senate, Yahaya Abdullahi, also said that failure to comply would incur a N50,000 fine in the first month and N25,000 in subsequent months.