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FINANCE BILL and TIN for BANK ACCOUNTS
Concerns have been raised by many Nigerians on possible disruptions to the bank system come January 2 based on the provisions of Finance Bill 2019 which mandates provision of TIN to operate bank accounts. #TIN4Bank
Concerns have been raised by many Nigerians on possible disruptions to the bank system come January 2 based on the provisions of Finance Bill 2019 which mandates provision of TIN to operate bank accounts. #TIN4Bank
Banks have traditionally request TIN for opening bank accounts. But this is more of best practice & standard KYC rule but no specific legal mandate on this. While it’s expected for eligible taxpayers to obtain TIN, no law makes it a precondition to operate bank account #TIN4Bank
Finance Bill 2019 now makes specific provisions that makes it COMPULSORY for Banks to request for TIN from existing and new bank account holders. This provisions are specially tied to business accounts. Not individual personal accounts not used for business purposes. #TIN4Bank 
