A new bill has been proposed in Nigeria that will require individuals using banking, insurance, stock-broking or other financial services to provide a Tax Identification Number (TIN) as a condition to open a new account or operate an existing one.
The bill aims to improve tax compliance and revenue collection. It requires anyone engaged in financial activities to register for tax and obtain a TIN.
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Non-residents supplying taxable goods or services to Nigerians, or deriving income from Nigeria, must also register for tax and get a TIN. However, non-residents earning only passive income from Nigerian investments are exempt from registration but must provide relevant information.
The bill empowers the relevant tax authority to automatically register and issue a TIN to individuals who fail to do so themselves. Failure to comply may result in penalties.
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