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WILL MY BANK ACCOUNT BE BLOCKED from January 1, 2026, IF I DON’T HAVE TIN? Answer: NO sir/Ma.
1: Question: Will transfers and deposits into my account be taxed?
-(a): Answer: No. moving money through POS, bank transfers, deposits or withdrawals IS NOT A TAXABLE EVENT. Only INCOME EARNED is taxed.
2: Question: which individuals does the Nigerian Tax law apply to:
-(a): Answer: it applies to all individuals who earn income in Nigeria- workers, traders, content creators, influencers, remote workers and to Nigerians earning income abroad if they are tax residents in Nigeria.
3: Question: I am a student with no job. Do I pay tax?
-(a): Answer: No, if you have no taxable income, you won’t pay tax.
4: Question: Will the money I keep in my bank account be taxed?
-(a): Answer: No. simply holding money in a bank account is not taxable. Only income such as salary, biz profit or interest is taxed.
5: Question: Will I pay tax on loans borrowed from Fairmoney or other lenders?
-(a): Answer: No. loans are not income and are therefore not taxable. However, the interest earned by the lender will be taxed.
6: Question: I run a one-man business: Do I pay PERSONAL or COMPANY Income Tax?!
-(a): Answer: if registered as a business name (enterprise) you pay Personal Income Tax. (PIT).
-(b): If registered as a Limited Liability Company, you pay Company Income Tax (CIT)
7: Question: If I sell shares and make profit, will I pay tax?
-(a): Answer: No, provided the values of shares sold does not exceed N150 million and the gain is not above N10 million.
-(b): Gains above N10 million becomes taxable.
8:Question: are military salaries taxable?
-(a): No, salaries of military officers are now exempt from tax.
9: Question: I am a pensioner. Will my pension be taxed?
-(a): Answer: No. approved pension and retirement benefits remain tax -exempt.
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