PRES. TRUMP AWARDED INAUGURAL FIFA PEACE PRIZE AT WORLD CUP DRAW IN WASHINGTON . (PHOTOS).

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 President Trump awarded inaugural FIFA Peace Prize at World Cup draw in Washington  Gianni Infantino, the FIFA President presented the honour onstage at the Kennedy Center for the Performing Arts on Friday, saying Trump had been selected “in recognition of his exceptional and extraordinary actions to promote peace and unity around the world”. “This is your prize, this is your peace prize,” Infantino said, after Trump took the stage to accept the trophy, a medal and certificate. “There is also a beautiful medal for you that you can wear everywhere you want to go.”   FIFA says the prize is for “individuals who help unite people in peace through unwavering commitment and special actions”.  Accepting the award, Trump called it “one of the great honours of my life”, before claiming to have “saved millions and millions of lives – the Congo is an example, over 10 million people killed and it was heading for another 10 million very quickly. India and Pakistan, so many diffe...
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NEW TAX LAW CLARIFIES USERS OF TIN FOR BANK ACCOUNTS. (PHOTO).

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 New tax law clarifies users of TIN for bank accounts


The Nigeria Tax Administration Act (NTAA) has reinforced the requirement for a Tax Identification Number (Tax ID) for certain transactions, including opening bank accounts.


According to Fiscal Reforms Nigeria, the Act makes clear that only “taxable persons,” those who earn income from trade, business, or other economic activity, are mandated to register and obtain a Tax ID.


The NTAA does not introduce a new rule but clarifies an existing policy that has been in effect since the Finance Act of 2019. It seeks to create a fairer and more transparent tax system while protecting citizens’ rights.


The statement reads: "The Nigeria Tax Administration Act (NTAA) mandates the use of Tax Identification Numbers (Tax ID) for certain transactions. Understandably, many Nigerians have questions about what this means for banking, businesses, and everyday life.


"This FAQ provides answers, clarifies misconceptions, and highlights the safeguards in place to protect citizens while ensuring a fairer, more transparent tax system.


"Frequently Asked Questions

"Q1. Is it true that everyone must obtain a Tax ID before opening or continuing to operate a bank account?�A1. Yes, but with some clarifications. Section 4 of the NTAA requires all taxable persons to register with the tax authority and obtain a Tax ID. A “taxable person” is someone who carries on trade, business, or other economic activity to earn income. Banks and other financial institutions are required to request a Tax ID from taxable persons. Individuals who do not earn income and are not taxable persons are not required to obtain a Tax ID.


"Q2. Is this requirement new?�A2. No. This is not a new policy. It has been in place since the Finance Act, 2019, which amended section 49 of the Personal Income Tax Act. Since January 2020, individuals opening a business account have been required to provide a Tax Identification Number (TIN). The NTAA only strengthens and harmonises this requirement."

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