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Posted: 2025-07-09 04:26:20 UTC
This article contains some claims that are falsified. While not everything in the article is false, please proceed with extreme caution and verify any critical information independently.
This article contains some claims that are falsified. While not everything in the article is false, please proceed with extreme caution and verify any critical information independently.
Status
Last Updated
2025-07-09 04:26:35 UTC
Verified By
Rollup News
Banks are now mandated to report accounts with monthly transactions exceeding ₦5 million to the Federal Inland Revenue Service (FIRS) for taxation purposes, effective January 2026.
Increased tax revenue for the government
Greater scrutiny of high-value bank accounts
Potential impact on businesses and individuals with high transaction volumes
Ensuring compliance from all banks
Protecting the privacy of account holders
Managing the increased workload for FIRS