2027: INEC FACES CREDIBLE QUESTION AS AMUPITAN CONFIRMS DEAD PERSONS’ NAMES ON REGISTER. (PHOTO).

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 The credibility of the Independent National Electoral Commission (INEC) voters’ register has come under intense scrutiny ahead of the 2027 general elections, following revelations by INEC Chairman Professor Joash Amupitan that names of deceased persons remain on the register. Amupitan disclosed that names of voters who died as far back as 15 years ago are still listed, a situation critics say could undermine the integrity of the 2027 polls and lead to significant financial waste through the printing of excess ballot papers and other election logistics. The INEC chairman made the revelation while receiving the Director-General/Chief Executive Officer of the National Identity Management Commission (NIMC), Abisoye Coker-Odusote, and her management team during a courtesy visit in Abuja on Wednesday. Amupitan announced that INEC has entered into a partnership with NIMC to deliver a credible voters’ register and transparent elections. He said INEC would leverage NIMC’s robust data archi...
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NEW BILL MANDATES TAX ID FOR OPENING BANK ACCOUNTS. (PHOTO).

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 New bill mandates tax ID for opening bank accounts


A new bill has been proposed in Nigeria that will require individuals engaged in banking, insurance, stock-broking, or other financial services to provide a Tax Identification Number as a precondition for opening a new account or operating an existing one.

According to the bill, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters”, this legislation aims to enhance tax compliance and improve the country’s revenue collection process.

The bill, obtained from the National Assembly and dated October 4, 2024, stated, “A person engaged in banking, insurance, stock-broking, or other financial services in Nigeria shall make the provision of a tax ID, a precondition for opening a new account or operating an existing account.”

This requirement is part of broader efforts to ensure that all individuals and entities participating in financial activities are properly registered for tax purposes.

The bill also outlines that any non-resident person supplying taxable goods or services to any individual in Nigeria or deriving income from the country must register for tax purposes and obtain a Tax ID.

However, non-resident individuals who derive only passive income from investments in Nigeria will not be required to register, although they must provide relevant information as prescribed by the relevant tax authority.

The proposed legislation also empowers the relevant tax authority to automatically register and issue a Tax ID to individuals who should apply for one but fail to do so.

In such cases, the tax authority is required to promptly notify the individual of their registration and the issuance of the tax ID.

Failure to comply with these requirements may result in administrative penalties. According to the bill, a taxable person who fails to register for tax will incur a penalty of N50,000 in the first month of non-compliance, followed by N25,000 for each subsequent month.

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