The Digest:
The Presidential Tax Committee has clarified that Tax Identification Numbers are not required for strictly personal bank accounts. According to Leadership Newspapers, Chairman Taiwo Oyedele explained the rule targets business transactions, exploring how authorities will use BVN data to detect evasion patterns and engage citizens with a call for honest self-assessment ahead of the 2026 implementation.
Key Points:
- Tax Identification Numbers are mandatory only for bank accounts used for business transactions.
- Authorities will use BVN transaction patterns to detect accounts used for commercial activity.
- The rule is based on the 2020 Finance Act and will be enforced from January 2026.
- Oyedele warned that non-compliant accounts will face "unfriendly" enforcement actions.
- Major capital market reforms were announced, exempting most retail investors from capital gains tax.
- Youths were urged to shift investments from cryptocurrency into the newly tax-friendly equity market.
- The reforms aim to ensure progressivity, exempting low earners while curbing evasion by the wealthy.
Sources: Leadership Newspapers
