The federal government through the office of the minister of finance disclosed that, come January 2020 a lot of Nigerians in their millions will not have Access to their Bank Accounts. It should not come as a surprise, she alleged
In her words, the finance minister revealed that, from 2nd, January, 2020, millions of Nigerians will not be able to access their bank accounts,
Lately, the National Assembly raised and passed a bill, prompting all Nigerians, appertaining Personal Income Tax, and in witness whereof the president has append his signatures and seal into law
This is a direct result of the Finance Bill as of now passed by National Assembly as revised areas 33, 49 and 58 of the Personal Income Tax Act. In this manner, people are required to create their Tax Identification Numbers (TIN) before they can work existing or new financial balances in Nigeria.
This means, in the event that you don’t have TIN, you won’t have the option to work your ledger. This may come as stun to many; however the significant activity now is to guarantee you have a TIN as the date for execution has been set for second of January 2020. The pastor of money, Zainab Ahmed, made this known to the general population.
On the off chance that you maintain an enlisted business and have dealings with government, there is probability you as of now have your TIN, so you ought not to have issues. The possibility of this new law is to get more Nigerians into the assessment net.
Tax Identification Number is Free
Acquiring TIN is FREE of charge; you ought not to pay for it. Likewise there are no age constrains in having TIN as youngsters are obliged to make good on Tax on the off chance that they get pay from an organization. The main exclusions are on sure limits of salary.
In the event that you need to check your TIN or to know whether you have one, you can go to the Joint Tax Board site. https://tinverification.jtb.gov.ng Or Federal Inland Revenue Website www.firs.gov.ng
You can still meet any Auditing firm to assist you generate Tax identification Number (TIN) for you, time is of the essence, the earlier the better. Let it occur to you, No TIN, no Access to Bank Account.
It is worthy to note, the Federal Government plans to generate huge revenue from non-oil sector, to finance the 2020 budget. One of these ways is the Personal Income Tax, if all Nigerians eventually pay Personal Income Tax (PIT), more than 4 Billion Dollars will be generated from PIT, an online source claimed. Also read https://myeduproject.com.ng/six-6-reasons-why-students-are-not-intelligent-in-academics
Nigerians must braced up for hard times, as the nation undergo difficult economic surgery, government need so much money to finance a lot of capital and recurrent expenditure, if the nation were to see development in the fourth coming years.
However, we must corporate with the federal government to see this come into fulfillment, the coming of TIN as to PIT should be embraced by all. The benefits are huge to the nation. More tax will be collected from the rich.