On this business metrics page, we educates you to understand the new way of applying tax identification number both as registered business for individual, and incorporated companies for organizations as impetus of tax liquidation around your location. And also explain how to get a tax identification number in Nigeria.
The Definition of TIN
Tax Identification Number (TIN) is a unique number to individual that owns a registered business or companies for the impetus of tax liquidation. The number usually comes from Tax Authority to whom or organization that concerns, through Joint Tax Board portal online or via an application letter to the office of Federal Inland Revenue Services across the country.
In line with Section 10, subsection 2 of CIT Acts, as amended in 2019 Finance Acts.
Banks in Nigeria are authorized to obtain Tax Identification Number (TIN) from both Individual and Corporate Organizations, before an account can be open for them.
The section equally requires Banks to ensure all accounts opened prior to this Acts, provide Tax Identification Number information as a precondition for the continued usage of their bank accounts
Its concur taxpayer banking and tax database with a view improving tax compliance and ease of tax administration. This will also expand the tax net to capture more individuals and the informal sectors years to come.
How To Generate TIN Entity
You can apply on the JTB website with NIN or BVN (Bank Verification Number) or visit your nearest Federal Inland Revenue Service (FIRS) with Utility Bill, Valid ID (Government Approved) and a Passport Photograph. In addition, you can also click on FIRS to register online.
How To Generate TIN for Non-Entities
Limited Liability Companies, Incorporated Trustees, Enterprises, Cooperative Society, MDAs, and Trade Association, can register for their TIN on the JTB website with Certificate of Incorporation and Director’s BVN or NIN and a valid ID of Directors. In addition, After verification and approval, TIN shall forward a Certificate automatically to the registered email.
Once individual and Non individual TIN registration is successful on JTB website, it would domesticate at nearest FIRS Office for validation and proper activation for major Government Agency operations such as Nigeria Customs, Central Bank of Nigeria and Standard Organization of Nigeria.
2 thoughts on “Tax in Nigeria: how to get a tax identification number in Nigeria”