Tag: TIN

featured Finance

TIN mandatory for business not personal accounts – Oyedele

Tax Identification Numbers are not required for strictly personal bank accounts under Nigeria’s new tax reforms; they become mandatory only if the account is used for business transactions, the Presidential Committee on Fiscal Policy and Tax Reforms has clarified. Chairman of the tax reforms committee, Taiwo Oyedele, who made this known, advised bank customers to […]

News

Nigeria registers Tax-ID on global platform to boost digital trade

Nigeria has made a significant leap in its digital trade journey with the global registration of its Tax Identification Number and the Federal Inland Revenue Service’s designation as the country’s official Peppol Authority. Supported technically by the Standards Organisation of Nigeria, this achievement registers Nigeria’s TIN under the ISO/IEC 6523 International Coding System, granting Nigerian […]

Banking

Your NIN is enough for banking, no separate TIN required — FIRS

The Federal Inland Revenue Service has dismissed claims that Nigerians must obtain a separate Tax Identification Number before they can own or operate a bank account, insisting that the new framework integrates seamlessly with existing national registries such as the National Identification Number and Corporate Affairs Commission records. This clarification comes amid widespread debate following […]