Tag: Tax ID (TIN)

The Joint Revenue Board (JRB) has clarified that there will be no restriction on bank accounts or financial transactions from Jan. 1, 2026, as a result of the non-availability of Tax Identification Numbers (Tax IDs).

The board made the clarification in a statement issued on Friday by its Corporate Communications Department, following reports suggesting that bank accounts without Tax IDs might face restrictions.

According to the JRB, no deductions will be made from any bank account on the basis of whether an individual or business entity possesses a Tax ID.

“The Joint Revenue Board reiterates that there will be no restrictions on bank accounts or financial transactions effective Jan. 1, 2026, due to the non-availability of Tax Identification Numbers,” the statement said.

The board further explained that the ongoing reform of the tax administration system is aimed at improving efficiency, inclusiveness, and ease of compliance for taxpayers across the country.

It disclosed that the issuance of Tax IDs would be fully automated to ensure seamless access for both individuals and corporate bodies.

Under the new system, the JRB said Tax IDs would be automatically generated for every taxable individual using the National Identification Number (NIN), while businesses would be issued Tax IDs based on their Corporate Affairs Commission (CAC) registration numbers.

The board assured members of the public that adequate mechanisms were being put in place nationwide to guarantee smooth issuance, retrieval, and usage of Tax IDs without unnecessary bottlenecks.

The JRB urged Nigerians to remain calm, stressing that there was no cause for panic, as implementation processes were ongoing to ensure that all eligible taxpayers are captured.

“There is no cause for panic, as processes are ongoing to ensure smooth access to Tax IDs for all eligible taxpayers,” the statement added.

The board reaffirmed its commitment to transparency and effective communication, assuring the public that further updates would be provided as the automation process progresses.

The Federal Government says all taxable Nigerians must obtain a Tax Identification Number (TIN) or Taxpayer Identification Number to continue operating bank accounts in the country as part of new tax reforms commencing Jan. 1, 2026.

The Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Mr Taiwo Oyedele, stated this in an interview posted on his X account on Thursday.

Oyedele said Section 4 of the Nigerian Tax Administration Act (NTAA), which takes effect from Jan. 1, 2026, makes it mandatory for taxable persons to register for a tax ID.

He explained that the requirement applies only to individuals who earn income from trade, business or any economic activity, adding that students and dependents who do not earn income are exempt.

According to him, the policy has existed since the Finance Act 2020, but the new NTAA provides a clear legal framework for its enforcement.

He clarified that income earners and businesses already assigned a TIN do not need to obtain a new one.

“A taxable person is anyone who earns income through trade, business or any economic activity. Banks are therefore required to request a tax ID from such persons.

“This means individuals without income, such as students and dependents, do not need a tax ID to operate bank accounts,” he said.

Oyedele warned that taxable entities without a tax ID may experience difficulties operating their bank accounts when enforcement begins.

The clarification follows concerns among Nigerians over possible restrictions on bank accounts not linked to a tax ID.

President Bola Tinubu in June 2025 signed into law new tax measures to be implemented from January 2026.