With effect from January 2nd, 2020 all Account holders in banks must have Tax Identification Number. Also, all customers intending to open banks accounts will provide evidence of tax identification.
This was contained in a circular reportedly sent to all State Internal Revenue Board and copied to all banks in the country.
The directive to this effect followed the recent passage of the Finance Bill by the National Assembly. Part of the provision of the law requires all bank Account holders and intending ones to indicate their Tax Identification Number (TIN).
According to information, the Federal Government initiated the policy to widen the government tax revenue and ensure that all taxable citizens pay their tax.
The Vortex reporter, who visited the Federal Inland Revenue Office in Port Harcourt, was told that the policy was already on place and by January 2, 2020. Banks will no longer be expected to operate the old regime of banking without TIN.
The officer, who did not want her name in print, however directed the reporter to the Rivers State Internal Revenue Service where she said matters of personal Income tax are dealt with.
The officers, who did not also indicate what sanctions may befall defaulters, said it was important that eligible tax payers begin the process to obtain the Tax Identification Number (TIN) before it becomes too late.
A staff of the state Internal revenue Board who simply gave his name as Smith, told The Vortex on phone that people have started registration for TIN, stressing that applicants would only be required to fill a form from the revenue office and the information given would be used to access the individuals tax returns.
Investigations by The Vortex indicate that many Nigerians are likely to be affected by the January 2, 2020 deadline if it is not extended. Our investigations show that not many Nigerians are aware of the policy due to the low publicity of the policy by the government.
Our reporter observed that the situation may go the way of the BVN policy when it was introduced; which witnessed last minute rush by bank customers.