No TIN required for Nigerians to operate bank account – Presidency

There are no provisions in the Finance Bill 2022 now before the National Assembly forcing Nigerians to have a Tax ID number in order to operate a bank account, a  Presidency source has clarified. Multiple news reports last week  had claimed that there is a provision in the bill that “banks will be required to […]

There are no provisions in the Finance Bill 2022 now before the National Assembly forcing Nigerians to have a Tax ID number in order to operate a bank account, a  Presidency source has clarified.

Multiple news reports last week  had claimed that there is a provision in the bill that “banks will be required to request for TIN before opening bank accounts for individuals while existing account holders must provide their TIN to continue operating their accounts.” 

The Presidency source who was involved in the drafting of the bill said the news reports was “totally inaccurate, the bill has no such provisions for individuals.”

The source highlighted some of the proposed under the bill which would be further defended this week at both the Senate and the House of Representatives includes Capital gains tax at the rate of 5% to be applicable on disposal of shares in a Nigerian company worth N500m or more in any 12 consecutive months except where the proceed is reinvested in the shares of any Nigerian company within the same year of assessment. Partial re-investment will attract tax proportionately.

“Transfer of shares under the regulated Security Lending Transaction is exempted.

“Lottery and Gaming business to be specifically taxable under CITA including betting, game of chance, promotional competition, gambling, wagering, video poker, roulette, craps, bingo, slot or gaming machines and the likes.” He said.

Companies engaged in petroleum operations including Midstream and Downstream operations will not be eligible for exemption on profits in respect of goods exported from Nigeria. Downstream companies were previously eligible under the old Upstream and Downstream classification.

FIRS to be empowered to assess CIT on the turnover of a foreign digital company involved in transmitting, emitting, or receiving signals, sounds, messages, images or data of any kind including e-commerce, app stores, and online adverts.