No TIN, No Banking?
According to the latest circular from the Federal Inland Revenue Service (FIRS), the TIN has been elevated to the same level of importance as the Bank Verification Number (BVN).
The directive is clear: to operate a savings or current account, you must be registered with the tax authorities. The implications for non-compliance are significant. The government has authorized banks to temporarily freeze accounts that fail to provide a valid TIN by the January deadline. This move is part of a broader “tax-for-all” initiative aimed at expanding the national tax base and ensuring financial transparency.
Does This Affect You?
In short, yes. * Individuals: If you have a personal savings or current account, you need a TIN.
- Corporate Entities: All businesses, NGOs, and associations must have their TIN linked to their bank records.
- New Accounts: You cannot open a new bank account without providing your TIN from January onwards.
How to Check Your TIN in 3 Easy Steps
Many Nigerians already have a TIN assigned to them (often linked to their BVN or employer) without even knowing it. Before you panic-rush to a tax office, follow these steps to check yours online:
View Your Details: If you are already in the system, your TIN will be displayed instantly. If not, the portal will provide instructions on how to register.
Visit the Official Portal: Go to the Joint Tax Board (JTB) website or the FIRS TIN Verification portal.
Select Your Search Criteria: You can search using your BVN, Registered Phone Number, or Date of Birth.
