The Finance Bill 2021 has made it mandatory for commercial banks to demand the Tax Identification Numbers (TIN) from anyone who wishes to open an account with them.
It also empowers banks to demand TIN from existing customers if they wish to continue to operate their accounts.
The Leader of the Senate, Yahaya Abdullahi, stated this on Wednesday in his lead debate on the bill, sent to the National Assembly by the President, Major General Muhammadu Buhari (retd.), on Tuesday.
He said, “Banks will be required to request for Tax Identification Number before opening bank accounts for individuals, while existing account holders must provide their TIN to continue operating their accounts.”
He also said the bill made electronic mails as the only channel that tax authorities would accept as a formal means of correspondence with taxpayers;
He added that proposed bill prescribes penalty for failure to deduct tax.
He said it would also apply to agents appointed for tax deduction.
