Tax ID Not Compulsory For Bank Accounts Yet JTB Clears Nigerians.
The Joint Tax Board (JTB) has assured Nigerians that they will not be denied access to their bank accounts or financial services from January 1, 2026, for lack of a Tax Identification Number (Tax ID).
Tax ID Not Compulsory For Bank Accounts Yet - JTB Clears clarification comes amid concerns following the signing of four new Tax Acts by President Bola Ahmed Tinubu, which take effect from January 1, 2026.
Reports had suggested that Section 8(2) of the new Tax Administration Act makes Tax ID mandatory for operating bank accounts or engaging in insurance, stocks, and other financial services once the law is implemented.
But in a statement issued in Abuja on Monday by its Head of Corporate Communications, Akpe Adoh, the JTB said such interpretations were misleading.
“Nigerians are hereby assured that they will continue to have access to their bank account and also continue to carry out financial transactions even beyond January 1, 2026,” the board stated.
According to the JTB, the new tax reforms are designed to simplify compliance, reduce multiple taxation, and exempt vulnerable individuals and small businesses from certain tax obligations.
“These reforms include eliminating multiple taxation, granting tax exemptions to vulnerable individuals and small businesses, and ensuring that the majority of Nigerians will pay lower taxes under the new tax regime,” the statement read.
The JTB disclosed that it is working with the Federal Inland Revenue Service (FIRS) and state revenue agencies to create a harmonised national tax identification system.
The new system, it said, would automatically generate Tax IDs for individuals using their National Identification Number (NIN) and for businesses using their Corporate Affairs Commission (CAC) registration numbers.
The Joint Tax Board (JTB) has assured Nigerians that they will not be denied access to their bank accounts or financial services from January 1, 2026, for lack of a Tax Identification Number (Tax ID).
Tax ID Not Compulsory For Bank Accounts Yet - JTB Clears clarification comes amid concerns following the signing of four new Tax Acts by President Bola Ahmed Tinubu, which take effect from January 1, 2026.
Reports had suggested that Section 8(2) of the new Tax Administration Act makes Tax ID mandatory for operating bank accounts or engaging in insurance, stocks, and other financial services once the law is implemented.
But in a statement issued in Abuja on Monday by its Head of Corporate Communications, Akpe Adoh, the JTB said such interpretations were misleading.
“Nigerians are hereby assured that they will continue to have access to their bank account and also continue to carry out financial transactions even beyond January 1, 2026,” the board stated.
According to the JTB, the new tax reforms are designed to simplify compliance, reduce multiple taxation, and exempt vulnerable individuals and small businesses from certain tax obligations.
“These reforms include eliminating multiple taxation, granting tax exemptions to vulnerable individuals and small businesses, and ensuring that the majority of Nigerians will pay lower taxes under the new tax regime,” the statement read.
The JTB disclosed that it is working with the Federal Inland Revenue Service (FIRS) and state revenue agencies to create a harmonised national tax identification system.
The new system, it said, would automatically generate Tax IDs for individuals using their National Identification Number (NIN) and for businesses using their Corporate Affairs Commission (CAC) registration numbers.
Tax ID Not Compulsory For Bank Accounts Yet JTB Clears Nigerians.
The Joint Tax Board (JTB) has assured Nigerians that they will not be denied access to their bank accounts or financial services from January 1, 2026, for lack of a Tax Identification Number (Tax ID).
Tax ID Not Compulsory For Bank Accounts Yet - JTB Clears clarification comes amid concerns following the signing of four new Tax Acts by President Bola Ahmed Tinubu, which take effect from January 1, 2026.
Reports had suggested that Section 8(2) of the new Tax Administration Act makes Tax ID mandatory for operating bank accounts or engaging in insurance, stocks, and other financial services once the law is implemented.
But in a statement issued in Abuja on Monday by its Head of Corporate Communications, Akpe Adoh, the JTB said such interpretations were misleading.
“Nigerians are hereby assured that they will continue to have access to their bank account and also continue to carry out financial transactions even beyond January 1, 2026,” the board stated.
According to the JTB, the new tax reforms are designed to simplify compliance, reduce multiple taxation, and exempt vulnerable individuals and small businesses from certain tax obligations.
“These reforms include eliminating multiple taxation, granting tax exemptions to vulnerable individuals and small businesses, and ensuring that the majority of Nigerians will pay lower taxes under the new tax regime,” the statement read.
The JTB disclosed that it is working with the Federal Inland Revenue Service (FIRS) and state revenue agencies to create a harmonised national tax identification system.
The new system, it said, would automatically generate Tax IDs for individuals using their National Identification Number (NIN) and for businesses using their Corporate Affairs Commission (CAC) registration numbers.
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