Starting January 01, 2026, Nigerians and non-residents must have a Tax Identification (Tax ID) to open or operate bank accounts, as stipulated in the Nigeria Tax Administration Act, 2025, signed into law by President Bola Tinubu on June 26, 2025.
The new law also requires a Tax ID for insurance, stock market transactions, and contracts with federal or state governments.
All taxable individuals, as well as federal, state, and local government ministries, departments, and agencies, must register with the relevant authority to obtain a Tax ID card.
Non-residents supplying taxable goods or services in Nigeria are also required to register and pay taxes.
The Act allows tax authorities to issue Tax IDs to those who fail to apply or to reject applications with justification, with decisions communicated within five working days.
Business owners must inform the tax authority within 30 days of suspending or closing operations, after which their Tax ID will be marked dormant or deregistered.
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com