The process of getting a tax identification number(TIN CERTIFICATE) for your business/company in Nigeria. once as a business owner you heard about TIN(Tax identification Number) and wondered what that could be? well a registered business or company in Nigeria needs a TAX number and a certificate,this will enhance their compliance with tax returns with federal inland revenue services annually.
In Nigeria there are categories of taxes expected from a business, and as long as the business continues to be in operation it is expected to show compliance with tax returns.example of taxes you have to familiarize yourself with as a business owner in Nigeria is corporate tax,stamp duty tax,value added tax(vat) Withholding Taxes ,Petroleum Profits Taxes (PPT),Personal Income Taxes (PIT)Capital Gains Taxes (CGT)
You are expected to know which one applies to your company or business operations in Nigeria.
There are various economic reforms in Nigeria that have shaped tax regimes in Nigeria, and most of them are targeted at helping the ease of business in Nigeria.
PROCEDURES TO GETTING FIRS TIN CERTIFICATE IN 2022
A business name or limited liability company can obtain a TIN Certificate from Federal inland revenue service upon registration with cac, the cac in Nigeria have synchronized with federal inland revenue service to easily issue tax identification number to registered companies(limited liability,companies,limited partnership companies)
In 2021 the commission made a broad announcement that the process is now automatic upon registration with cac,i hereby restate the announcement herein under.
This is to inform our esteemed customers that as part of the Ease of Doing Business Initiatives, Certificates of Incorporation of companies registered under Part A of CAMA will henceforth bear the Tax Identification Numbers (TIN) issued by the Federal Inland Revenue Service (FIRS) to such companies. This has dispensed with the need for companies to apply for the issuance of Tax Identification Numbers from the FIRS after incorporation. Management .
However in a situation where your company is not captured upon registration with cac,how do you process and obtain TIN and does cac issue TIN Certificate?
The questions are to help you with the process of getting this done the right way.
In the process of applying for the registration of your company(LTD), the commission is Expected to automatically generate and issue the company with a tax identification number upon registration.
The company upon registration will approach the firs office nearby to apply for tax identification certificate.
in the process of getting this, the federal inland revenue service will require the following:
i. A Formal application written on behalf of the company or business name.
ii. A copy of the business name or company certificate
iii. A copy of the status report of the the company
iv. A copy of the utility bills of the company owner or proprietor.
v. A copy of the identification card of the proprietor or owner.
The business name owner is expected to process this or act through an accredited cac agent.
The timeline is usually within 5-7 working days,the certificate will be ready and issued to the agent or business owner.
NB-it is important to note that the rate at which the federal government computes VAT is currently at 7.5%
For further inquiries reach us.