Mandatory Tax Identification for Banking: Key Details
A new bill has been introduced that mandates individuals to provide a tax identification number (TIN) when opening new bank accounts or operating existing ones.
This measure aims to enhance transparency and tax compliance by ensuring that all account holders are traceable for tax purposes.
The bill is part of broader efforts to address financial fraud and tax evasion, encouraging more regulated banking activities while strengthening the country’s tax collection framework.
The implementation details and potential impact are still under discussion.