Worried about bank account restrictions? The Joint Revenue Board (JRB) has issued a statement regarding fears that financial transactions will be blocked starting January 1, 2026 on accounts without tax identification number.
JRB has also provided essential clarifications regarding the use of Tax Identification Numbers (Tax IDs) for financial activities in Nigeria.
As we approach the new year, the JRB’s statement:
No Account Restrictions or Deductions
- Transactions will continue as normal: The JRB has explicitly stated that there will be no restrictions placed on bank accounts or financial transactions effective January 1, 2026, due to a lack of Tax IDs.
- Zero Tax-ID based charges: The public is assured that no unauthorized deductions will be made from any bank account simply because a customer does or does not have a Tax ID.
Automatic Issuance Process
The Board is simplifying how citizens and businesses receive their identification to ensure a “seamless retrieval” process:
- For Individuals: Tax ID will be automatically issued to every taxable person using their National Identification Number (NIN).
- For Businesses: Tax ID will be automatically generated using the CAC registration number.
A Call for Calm
The JRB emphasizes that there is no cause for panic. These measures are designed to modernize the tax system without disrupting the daily financial lives of Nigerians or the operations of businesses.
The statement, signed by the Corporate Communications Department, reinforces the board’s commitment to its core values: Harmonize. Optimize. Trust.
