Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, warns that any taxable entity without a Tax Identification Number (TIN) may face difficulties operating their bank account from January 1, 2026. This requirement applies to individuals and businesses earning income through trade, business, or economic activities .
Who Needs a Tax ID?
– Individuals earning income
– Businesses, including unincorporated ones
– Government-owned enterprises and agencies
– Foreign companies supplying goods or services in Nigeria
Exemptions:
– Students
– Dependents
– Individuals without income
The Tax ID will be linked to existing identifiers like National Identification Number (NIN) for individuals and Corporate Affairs Commission (CAC) registration number for companies, simplifying the process.
