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Tag: Tax Identification Number

  • FIRS speaks on citizens requiring TIN to operate bank accounts from January 2026

    FIRS speaks on citizens requiring TIN to operate bank accounts from January 2026

    Aderonke Atoyebi, the Technical Assistant on Broadcast Media to the Federal Inland Revenue Service (FIRS) chairman on Sunday, September 14th  clarified that Nigerians are not required to obtain a separate Tax Identification Number (TIN) before operating or opening bank accounts.

    TheNewsGuru.com(TNG) reports that the clarification followed widespread reports suggesting that, from January 2026, citizens would need to present a TIN to access banking services—a claim that sparked public concern over the possibility of new bureaucratic hurdles.

    However, speaking on the development, Atoyebi via the microblogging platform, X  explained that the TIN framework has been designed to integrate with existing national registries such as the National Identification Number (NIN) and Corporate Affairs Commission (CAC) records.

    “In recent debates about Nigeria’s tax reforms, a widespread misconception has taken root: that citizens without a TIN cannot own or operate a bank account.

    “The reality is that Nigeria’s tax system has evolved to integrate seamlessly with existing national registries, ensuring that every eligible individual or entity is automatically identifiable for tax purposes,” she wrote.

    She maintained that the TIN is a 13-digit identifier uniquely capturing details of taxable persons and entities. It encodes information such as issuance year, registry source (NIN for individuals, RC for companies), state of registration, and a cryptographic security fragment.

    She stressed that it is not an additional requirement imposed on citizens but a statutory tool that enables tax authorities to verify taxpayers within the system.

    For individuals, the TIN is automatically linked to their NIN issued by the National Identity Management Commission (NIMC). During banking or Know Your Customer (KYC) processes, a customer’s NIN is cross-checked, and their TIN is retrieved in real time without the need for manual application.

    Businesses, cooperatives, and other legal entities are also automatically covered, with their TIN tied directly to CAC registration numbers or other recognised registries.

    Atoyebi highlighted several advantages of the integrated system, including simplified banking access, fraud prevention, and enhanced compliance.

    “Individuals and businesses can open and operate bank accounts using their NIN or RC number, while the TIN is integrated behind the scenes. The framework eliminates duplicate or false identities, provides banks with a reliable compliance tool, and promotes inclusivity by extending to associations, professional bodies, and trustees,” she explained.

    She further noted that the system positions Nigeria’s tax administration for global compatibility, especially in areas like trade finance and regulatory cooperation.

    Dismissing fears that Nigerians would be excluded from banking services without a separate TIN, she stressed that the system was designed to reduce barriers, not create them.

    “In practice, a Nigerian who walks into a bank with their NIN is already tax-compliant. The bank simply retrieves their TIN during the onboarding process,” she said.

  • New CAC certificates to be processed with Tax Identification Number

    The Corporate Affairs Commission (CAC) has further simplified the process of registration of companies under the Part A of Companies and Allied Matters Act (CAMA) by stating that the Certificate of Incorporation of Companies issued by the commission would henceforth carry Tax Identification Number (TIN) that is issued by the Federal Inland Revenue Services (FIRS).

    A public notice that was issued by the CAC on Monday stated that: “This is to inform our esteemed customers that as part of the Ease of Doing Business Initiative, Certificates of Incorporation of Companies registered under Part A of CAMA will henceforth carry TIN issued by the Federal Inland Revenue Services (FIRS).

    “This has dispensed with the need for companies apply (sic) for the issuance of TIN from the FIRS after incorporation.”

    The Head of Tax and Corporate Advisory Services of PwC Nigeria, Mr. Taiwo Oyedele, told THISDAY that the new directive has removed the cumbersome process that required companies to start queuing at the FIRS for their TIN after they have been incorporated by the CAC.

    Similarly, the Managing Partner and Chief Executive Officer of Okwudili Ijezie & Co., a firm of Chartered Accountants, Mr. is Blakey Okwudili Ijezie, described the new directive as the right way to go because it has synchronised the process of obtaining TIN for the purpose of company registration under one roof.

    “So, this public notice by the CAC is in line with good practice. It reduces pressures and time to go and start processing TIN with the FIRS. I applaud this great move by the CAC as ‘part of the Ease of Doing Business Initiative.’”

    Ijezie said the directive is also a signal that the aspect of the Finance Act 2019, which required bank customers to provide their TIN would be implemented sooner or later.

    Speaking in the same vein, the Chief Executive Officer of Treasure Capital and Trusts Limited, Mr. Tom Achoda, saw the new directive as a good development.