The Finance Bill 2021 has made it mandatory for commercial banks to demand Tax Identification Number from any individual seeking to open an account with them. The bill also empowers banks to demand TIN from existing customers if they wish to continue to operate their accounts.

The bill also makes it mandatory for non-resident firms such Google and Twitter to pay taxes to the Federal Government of Nigeria. The Leader of the Senate, Yahaya Abdullahi, stated this on Wednesday in his lead debate on the bill, sent to the National Assembly by the President, Muhammadu Buhari, on Tuesday.

He said, “Banks will be required to request for Tax Identification Number before opening bank accounts for individuals, while existing account holders must provide their TIN to continue operating their accounts.” The proposed bill makes provision for payment of tax by foreign firms which derives their profits from Nigeria.

The firms are: Twitter, Google, Facebook and other social media platforms. The bill read in part, “The bill makes provision for the Accelerate International Taxation Reforms to enhance the taxation of non-resident individuals and companies that nevertheless derive profits from Nigeria.”