Contrary to some reports, the Federal Inland Revenue Service (FIRS) has clarified that Nigerians don’t necessarily a Tax Identification Number (TIN) to operate bank accounts. This follows earlier discussions around the Finance Bill, emphasizing that having a TIN is crucial for tax compliance but isn’t a mandatory requirement for banking operations as previously misconstrued.
A TIN is primarily for tax identification and compliance with Nigeria’s tax law. Operating bank accounts doesn’t strictly require a TIN, according to FIRS clarifications. TIN remains vital for fulfilling tax obligations, applying for loans and certain government transactions.
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