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Finance Bill 2022: No TIN Required To Operate Bank Account - Presidency

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There are no provisions in the Finance Bill 2022 now before the National Assembly forcing Nigerians to have a Tax ID number in order to operate a bank

FIRS to be empowered to assess CIT on the turnover of a foreign digital company involved in transmitting, emitting, or receiving signals, sounds, messages, images or data of any kind including e-commerce, app stores, and online adverts.

The reduction of minimum tax rate from 0.5% to 0.25% of turnover is to be applicable to any two accounting periods between 1 Jan 2019 and 31 Dec 2021 as may be chosen by the taxpayer. The deployment of technology to automate tax administration including assessment and information gathering by FIRS to now include third party technology . A penalty of N50,000 to be applicable where a company fails to grant access to FIRS in addition to N25,000 for each day the failure continues.

Deductible life assurance premium for personal income tax purposes to exclude a contract for deferred annuity.

 

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Finance bill: TIN doesn’t compel everyone to pay tax, experts tell FGExperts have said making every account holder possess a Tax Identification Number does not mean everyone is required to pay tax, as there is an exemption to anyone earning below N30,000.
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