ALL PAY TAX 2020

The Federal Government of Nigeria did pass a financial bill where it amended sections 33, 49 and 58 of the Personal Income Tax Act. This basically means that everyone (working class, non-working class, students etc.) would be required to provide a TIN before they can efficiently make transactions with their existing bank account.

It doesn’t end there. Passage of the financial bill also means that you won’t be able to open an account with the bank without your Tax Identification Number.

The stated date for the implementation of this act is on 2nd January, 2020. The Minister of Finance, Mrs. Zainab Ahmed has confirmed that failure to comply will deny one of his or her access to an existing bank account.

How to avoid issues relating to your bank and TIN in 2020

To ensure that you still have full and free access to your bank account come 2020, you just have to apply for your TIN. The good news is that the process is not a complicated one and it is actually done free of charge. Only your Bank Verification Number (BVN) or National Identity Number (NIN) may be required.

Now from the comfort of your home and with your smartphone at hand, you can simply apply for your TIN online by submitting a request for it on the Joint Tax Board Website on https://tinverification.jtb.gov.ng/ or check out the Federal Revenue Inland Website on https://apps.firs.gov.ng/tinverificati.

This simply implies that all Nigerians (aged 18 above) with an active Bank Account will start paying tax come 2020.

Please drop your comments on this.