New Bill Proposes Tax ID Requirement for Bank Account Opening

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”, seeks to enhance tax compliance and streamline the nation’s revenue collection process.

This measure aims to ensure that all individuals and entities within the financial sector are accurately registered for tax purposes.

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