A new bill proposed in Nigeria seeks to mandate the use of Tax Identification Numbers (TIN) for individuals engaging in banking, insurance, stockbroking, and other financial services.
The bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters,” aims to enhance tax compliance and boost revenue collection.
Dated October 4, 2024, the bill states that individuals engaged in banking, insurance, or financial services must submit a TIN before opening new accounts or accessing existing ones.
The measure is part of broader efforts to ensure all participants in financial activities are tax-registered.
Additionally, non-resident individuals supplying taxable goods or services to Nigeria or earning income from the country must also register for a TIN, except for those earning only passive investment income. The bill allows tax authorities to automatically register individuals who fail to comply with the TIN requirement.
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