No Tax Identification Number (TIN) in Nigeria No. Banking Transactions 2020
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From January 2020, there shall be no banking transactions for defaulting taxpayers. These are those who have no Taxpayer Identification Number (TIN). Or those who have and are not paying their taxes. This covers individuals and corporate organisations. Therefore, you must endeavour to have your TIN immediately. As tax consultants, we will help you regularise your tax challenges with minimal cost. Just contact us immediately. In fact, No Tax Identification Number (TIN) in Nigeria No. Banking Transactions 2020
As a matter of fact, the Taxpayer Identification Number (TIN) is a unique number allocated and issued to identify a person (individual or Company) as a duly registered taxpayer in Nigeria. And it’s to be used by the taxpayer alone. In fact, the TIN regime was introduced on 12th December, 2012 and became effect in May 2013.
In fact, according to the provisions of the Finance Bill currently being debated by the National Assembly, businesses in Nigeria are now more than ever exposed to payment of taxes. So, to track these tax payments taxpayers must have TIN.
No Tax Identification Number (TIN) in Nigeria No. Banking Transactions 2020
The Role of the Banks:
Furthermore, a critical look at the provisions of the Finance Bill outlines the significant roles which commercial banks will play in widening the tax base and reducing tax evasion.
In fact, according to Section 2 of the Finance Bill, every taxable person engaged in banking in Nigerian shall be required to provide tax identification number as a precondition for opening a bank account. Or in the case of an account already opened prior to September 30th 2019. The bank shall require such tax identification number to be provided by all such bank account operators as a precondition for the continued operation of the bank account.
In essence, what this means is that Banks will be required to request Tax Identification Numbers (TINs) before opening accounts for individuals tax payers while existing account holders must provide their TINs to continue operating their accounts. Therefore, the implication for taxpayers is that the Finance Bill gives the FIRS and the State Inland Revenue Service complete access to transactions in the bank accounts of taxpayers/businesses. However, it’s unclear how the FIRS utilizes the access they now have to taxpayers’ bank accounts by leveraging on the TIN.
No Tax Identification Number (TIN) in Nigeria No. Banking Transactions 2020 – Get Your TIN Today:
Consequently, registering for tax is a must-have when a citizen is about to launch a commercial entity – a firm or company. Therefore, it’s a part of the entity’s legal recognition. So, it is assigned by law to pay taxes, and thus, to get TIN. In fact, Tax Identification Number – TIN – is now an essential document in every individual and businessperson’s life. Therefore, you will have to complete an application form for Tax Identification Number in Nigeria and submit it to the FIRS to be allocated your TIN.
Furthermore, each working person has to apply for his/her Tax Identification Number too. Remember that, it’s free of charge to complete and submit the official application form for Tax Identification Number in Nigeria. However, for those of you who cannot do this, contact us today and we will do it for you at a minimal cost, same day.
TIN Application Form Requirements:
- TIN has to be Join Tax Board TIN only.
- Ensure address and name lines include no more than 200 characters (per each field).
- Phone numbers is necessary.
- An active email address.
- Fill out all the fields marked as * in the TIN application form.
- Only the official taxpayer can use his or her TIN
Furthermore, Validate your TIN on FIRS site: www.trade.gov.ng
In Summary:
- Get the TIN application form
- Provide your Business Name Registration Certificate or Certificate of Incorporation for your company.
- Again, provide the company’s business address, location and commencement’s date as well as other information required by the form.
For individuals –
- Complete the Application form for your TIN.
- Provide your ID document (It can be your driver’s license, ID card, international passport or staff ID).
- Provide your physical address, phone number, and other information required.
Why you need Tax Identification Number:
Furthermore, it’s required when you apply for –
- Government loan.
- Bank business account.
- An import, export or trade license.
- Register your vehicle.
- Getting tax clearance, allowance, waiver, incentive.
- Capital importation into a foreign country.
- Certain security verifications
- How do I work out my taxable income in Nigeria?
- And, How companies get their TCC
- Track Your With-holding Tax Credits
- How Start-ups Get TIN
- Business Initial TCC
- How to Apply for Company Annual Tax Return Riling
- How to Obtain Individual Tax Clearance Certificates
- Individual Annual Tax Returns & TCC
In conclusion, at Complete Full Marks Consultants Limited, we have you get your TIN, make your tax annual returns and obtain your tax clearance certificates. Contact us through +234 8034347851 or [email protected]
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Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
