They added that there would be a reduction in tax avoidance, as the government would have a tax footprint of everyone.had reported that Senate Majority Leader, Yahaya Abdullahi, had on Wednesday stated that the 2022 Finance Bill which had been sent to the President, Major General Muhammadu Buhari , would make it mandatory for commercial banks to demand Tax Identification Number from any individual seeking to open an account with them.
He said, “There is nothing in the new finance bill that is before the National Assembly about TIN. I know the naming of bills can be confusing. The bill called the 2021 Finance Bill is the bill that takes effect in 2022. So, the finance bill that we are using now in 2021 was done in 2020. That was the one that has TIN, not the 2021 Finance Bill.
“If the perception is not managed well, it can discourage people from opening bank accounts, and this can affect financial inclusion. In fact, it can even affect the new e-Naira adoption. People may just assume that all of this is about collecting taxes. So, the government has a responsibility to ensure the right narrative.”
“A proper tax system is actually good for everyone. It does not mean that you have to pay tax. Part of what we are trying to get the government to do is to increase the exemption threshold.