HOW TO GET A TAX IDENTIFICATION NUMBER-TIN

WHAT IS A TIN?The taxpayer identification number is a unique number that identifies a specific individual ( or business) for the purpose of paying taxes. As tax payment is  mandatory for all individual and businesses. Everyone needs to have a unique Tin. However, this article will deal with  Tin for corporate businesses.

WHO NEEDS THIS TIN? Apparently as mentioned above everyone needs to have it’s own unique Tin since tax payment is compulsory.

In July 2020,the CAC announced that upon successful registration of a company under part A i.e limited liability companies. A Tin would be automatically assigned to the company. However, the notification by the CAC does not cover other business organization such as business names or business register early before July 2020. Therefore such organizations will still have to register with the FIRS directly.

WHAT DO YOU NEED TIN FOR?

Apart from registration for Tin being mandatory. There is a long list of other things which you need a Tin for:

1) Opening a corporate bank account- section 28(1) of the personal income tax Act which was amended by the Finance Act 2020 state that ‘ a person engaged in banking shall require that a person intending to open a bank account for the purposes of the person’s business shall provide a tax identification number as a precondition for opening or continue operating of such bank account’.

2. Quote your Tin in all your correspondence with the FIRS and for the application of tax clearance certificate and payment of all taxes

3. Government loans

4. Bidding for federal government jobs
5. Foreign Exchange
6.Application for trade License, import and export licenses
7.registration of motor vehicles
8. Application for certificate of occupancy etc.

if you need how on how to get your Tin kindly Dm or send us a message . To stay up with relevant Tax matters visit us on all our social social media handle & website
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