FINANCE BILL: No Tax Identification Number, No Bank Account – Senate

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There may be stringent rules in the operation of bank accounts by Nigerians effective from next year.

The Finance Bill 2021, an Executive Bill sent to the National Assembly by President Muhammadu Buhari, if passed into law will make the presentation of Tax Identification Number (TIN) compulsory before opening bank accounts and continuation of existing ones.

President of the Senate, Ahmad Lawan, had during plenary on Tuesday, informed his colleagues about the receipt of a letter from President Buhari dated December 7, 2021, seeking the approval of the Senate for passage of the bill into law.

Written by: Ayomide Ayodele

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