How to Generate Tax Identification Number in Nigeria
TIN is an abbreviation word standing for Taxpayer Identification Number; in this case, the individual or organization that have either registered as companies for purposes of identification and verification. But getting it has some methods, tag along to find out.
Tax Identification Number (TIN) is simply a registered digit which is used by the IRS for tax administration.
One can note that it serves to facilitate the trade transactions, as well as the issuance of the licenses of the importing and exporting. This number is also used for the registration of cars and getting tax clearance certificates.
What is a Tax Identification Number?
The Tax Identification Number (TIN) is a private code used as the authority by the government for tax reasons and is given to both individuals and businesses.
In Nigeria, FIRS performs a function of issuing TINs which practically is a tax identification number. The code is usually given to an individual and it serves as a tax identification for a person; hence, one is able to file their taxes, pay it and also be able to do the financial transactions.
In the business world, TIN is the prerequisite number for business registration, reporting taxable income, and abiding by tax law regulations such as Value Added Tax (VAT), Company Income Tax (CIT), and Withholding Tax (WHT) obligations.
An Individual Tax Identification Number (ITIN) has become the bedrock for all the processes dealing with opening accounts in the banks, obtaining government contracts and participating in tenders or auctions.
It is used to monitor taxpayers, because of which the tax compliance is upheld and it is also a source of revenue for the government treasury.
How Do I Generate TIN?
Apart from getting tax exemptions, road ways, and grants, these digits help in trade agreements which can have both positive and negative effects on economies and various sectors within a country.
To generate a Tax Identification Number (TIN) in Nigeria, follow these steps:
1. Please surf the Federal Insular Revenue Services’ (FIRS) website or be physically present in their nearby office.
2. Get the Taxpayer Registration Form (TRF), which is either in the Forms section of the FIRS website or from our organization.
3. Ask them to fill out all the important details, including first name, address, date of birth, occupation, phone number and email address.
4. Tender documents should be genuine and attached therein include all necessary documents like National Identity card, International passport, Driver’s license.
5. This completes the action. You can visit the FIRS office or login to the online portal and submit the duly filled form and documents.
6. Application with the FIRS bank is under process and upon approval you will be sent your Tax Identification Number via mail or email and should go and collect it from the FIRS office.
7. Insert your TIN in all matters of income tax purposes like filing tax returns, tax payments, and dealing with agencies of government.
Please note that you should provide all information accurately and in line with FIRS rules to ensure that you get your Tax Identification Number.
How Much is the Cost to Get a Tax Identification Number?
In Nigeria, TIN for individuals and businesses seeking TIN to identify them and help with tax calculation processes is free of charge.
The Federal Inland Revenue Service (FIRS) will not ask any fees to issue Tin because it tried through this way to make it easier for future tax payment and registration.
Since, no cost is required for acquiring TIN, people and business organizations can complete the Taxpayer Registration Form (TRF), upload the supporting documents by themselves or on the FIRS portal.
FIRS will do this task; but then, there will not be any charges to the taxpayers regarding fees for getting the TIN for taxation-related activities.
It is vital to realize this while some services providers or lie-ere byte endeavors may offer the service of TIN enterprise formulation for a fee.
Conclusion
For one to get a Tax Identification Number (TIN) operation in Nigeria, visit the Federal Inland Revenue Service (FIRS) website or office.
Next, fill out the Taxpayer Registration Form (TRF), attach the proof of the documents such as ID card and submit it for approval. Following approval, use only this number for all tax-related jobs.
So, the fact that application for TINs is free of charge from FIRS makes it available to all. Thus, there is no hindrance whatsoever.
CSN Team.
