. Are you a Nigerian citizen working for a private organization or with the government. You own a business or you have the intention to start one? It is important Are you a Nigerian citizen working for a private organization or with the government. You own a business or you have the intention to start one? It is important Rating: 0
Are you a Nigerian citizen working for a private organization or with the government. You own a business or you have the intention to start one? It is important that you know what a tax identification number is, and not only know but you also possess one.
A lot of small business owners believe that registrating their companies, business names with the CAC is all they need to be known as serious business men/women. However for an entity to be recognized in Nigeria, it goes way beyond registering with the CAC, but also registering for tax.
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A lot of small business owners believe that registering their companies, business names with the CAC is all they need to be known as serious business men/women. However for an entity to be recognized in Nigeria, it goes way beyond registering with the CAC, but also registering for tax.
The tax identification number (TIN) is a unique identifier for an individual or a company for the specific purpose of tax remittance. The TIN number is prepared by the tax office and issued to individuals or registered business / incorporated companies for proper identification and verification.
As a business or individual, TIN is important because that is what shows that you are a registered tax payer in Nigeria, and as you know that tax payment is made compulsory, every company, business, individual must have their own unique tax identification number. After completion of registration with the tax office, the entity or individual is issued a TIN.
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If your company or business operates for profit and income is generated from Nigeria, then you are required by law to apply for TIN. Please note that incorporated trustees DO NOT require TIN! Take note of THIS!
There are other important things that a TIN can be used for apart from identifying a business or individual as a registered tax payer. These things are equally important as well:
Applying for TIN is totally free IF YOU DO IT ON YOUR OWN and if you have not incurred any tax penalty based on the time-frame given according to the LAW to obtain your TIN, either as an individual or as a company. There are no fees to be paid unless you intend to employ third parties to assist you in registering and obtaining the TIN.
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There could be a lot of bottlenecks in the back and forth involved in liaising with the tax authorities for the receipt of your TIN. It will be better to shift the responsibilities on a third party so you can focus on more strategic aspects of the business.
All registration statements have been made by the Joint tax board on registering for the TIN. If you are also the tech savvy business person, you can do all your TIN registration online by checking the FIRS service platform.
You need to know the various documents you would need to apply for TIN as a company already incorporated. Head over to the Federal Inland Revenue Service office closest to your company’s registered address in the list that is here, with certain documents.
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Also, if you are a registered business name and not an incorporated company. Then you need to apply for your TIN via the VAT registration, there was a recent unification by the FIRS office whereby your VAT number will double as your TIN registration number.
Also, in some situations, registration for TIN also comes simultaneously as registration for companies income tax and also value added tax as stated above. This can be possible if your incorporated business or company has been in operation within six months.
As soon as you receive your TIN, this should be displayed on all your official documents especially instruments of business/ financial transactions like your invoices. This is extremely key and important in the eventuality of a tax audit by any of the tax offices. The fact that the tax office now operates an integrated tax office now makes everything easy for tax payers.
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You have to head over to the nearest Inland Revenue Office along with the original and photocopies of your national recognized ID card like your driver’s license, permanent voters’ card, International passport etc.Tax payment is compulsory for every business owner in Nigeria as well as employed Nigerian citizens. However, it is impossible to pay your tax or open a corporate bank account without your tax identification number
(TIN). So, in this article, we will take you through the process of how to get TIN in Nigeria either as an individual or a company.
Nevertheless, we have broken down this process to answer the frequent questions people ask about tax identification number. Ensure you read till the end.
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Basically, TIN is a unique number given to an individual, a registered business or incorporated companies for the purpose of tax payment. Usually, the number is issued by the tax office for proper identifications and
TIN is the prove you have to show that you are a registered tax payer in Nigeria. In addition to that, TIN helps you to avoid double taxation because your payment can be traced and verified.
According to the joint tax board, if you are an individual, you are automatically assigned a TIN based on your Bank Verification Number or National Identity Number. In other words, to get a TIN as an individual, BVN or NIN is a major requirement.
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Non individuals include limited liability companies, enterprises, co-operative society, trade associations etc. So, to get your TIN, you can visit the closest tax office to where your company is located with the following
Please note that you will need both the originals and two extra copies of the listed documents. The originals are only needed for sighting.
Normally, you can apply for TIN within six month of incorporating your company. But, it is advisable to apply immediately the business is registered.
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On the other hand, non individuals can register for their TIN online by visiting https://tin.jtb.gov.ng/. Note that before you can request for a TIN number as a corporate body, your business has to be registered with corporate affairs commission (CAC).
Usually, it takes 10 working days after submitting your TIN application. However, due to the backlogs in FIRS, it can take longer than the usual time frame.
If you register online via joint tax board, your TIN number will be generated within 48 hours after your TIN request has been submitted.
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TIN is free if you do it yourself. But, if you decide to engage the service of a third party, you will need to pay for the person’s service charge.
It is important that you verify your tax identification number once you receive it. To do that, visit firs.gov.ng and click on TIN Verification then go to the search form, you will be given three options:
Apart from that, GTBank for example requires a N5, 000 payment to verify your CAC documents. The amount however, varies with the different banks
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We are happy to share this content with you. Also feel free to share it with your friends and associates. Remember, tax payment is everybody’s duty.
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