By Promise Dera

Copyright nigerianeye

The Joint Tax Board (JTB) has approved the use of the National Identification Number (NIN) for individuals and the Company Registration Number (RC) for businesses as tax identifiers, replacing the Tax Identification Number (TIN) from January 2026.

In a statement issued yesterday in Abuja, the JTB, which includes the Federal Inland Revenue Service (FIRS), 36 State Internal Revenue Services, and the Federal Capital Territory Internal Revenue Service, announced its collaboration with FIRS to create a unified National Tax Identification system.

This system will streamline tax ID generation, enhancing compliance for individuals and businesses.

The JTB clarified that the initiative aims to simplify tax compliance without disrupting banking or financial activities.

It debunked rumors that individuals without a TIN would lose access to financial services starting next year, assuring Nigerians that bank accounts and financial services will remain accessible beyond January 1, 2026, regardless of Tax ID status.

Under President Bola Tinubu’s tax reforms, the JTB emphasized efforts to reduce multiple taxation, exempt vulnerable individuals and small businesses, and lower tax rates for most Nigerians.

The Board urged the public to ignore misinformation and reaffirmed its commitment to fostering a fair, growth-oriented, and business-friendly tax environment.

Click to signup for FREE news updates, latest information and hottest gists everyday