Business Hilights
Tracking Nigeria's Headline Business News Online

FG denies TIN-for-bank account requirement in Finance Bill

The Presidency said on Sunday that there is no provision in the Finance Bill (2022) that states that banks will be required to request for Tax Identification Number before opening bank accounts for individuals and existing account holders must provide their TIN to continue operating their accounts. A top Presidency said this in a statement titled ‘No TIN requirement for Nigerians to operate bank accounts in Finance Bill 2022, says Presidency”. According to the source, 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. The presidency highlighted the main changes proposed under the bill, which it said would be further defended this week at both the Senate and the House of Representatives. It said, “Capital gains tax at the rate of five per cent 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.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More