Do you know the meaning of Tax identification number ?
Have you gotten your Tax Identification number ?
Are you are aware of the implications of not getting a Tax Identification number?
Are you looking for how to get a Tax Identification number?
Well, sit back and relax as we give you all the details you need regarding Tax identification number in Nigeria(TIN). Since news broke out that millions of Nigerians without TIN will be unable to operate their bank accounts as from January 2020, there has been an unnecessary panic among Nigerians.
At Naij Mobile we always want our readers to have peace of mind that’s why we came up with this post to enlighten you. Without further ado, let’s begin:
What is Tax Identification Number?
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.
Why do you need a Tax Identification number?
As a business or individual, TIN is vital 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.
Apart from identifying a business or individual as a registered tax payer. You will need a TIN for the following :
- Opening and operating a bank account as from January 2nd 2020
- Opening a of business account
- Application for government loans
- For foreign exchange and receipt of capital importation into the country
- Acquiring licenses relating to trade, import and export
- Registration of cars
- Certificate of occupancy application
How to apply for TIN: Individual
Individuals are automatically assigned with a TIN based on their BVN (Bank Verification Number) or NIN (National Identity Number). To get a TIN as an individual, you need to have a BVN or NIN.
You can check online to see if you have an existing TIN by clicking here.
To verify your TIN, ensure you search using your BVN or Registered Phone Number and your Date of Birth.
If you haven’t been assigned with a TIN, You will need 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.
The next step involves the completion of an application form, which involves some identification process. The form can be obtained in any tax office close to you. Thereafter, the submitted form will be verified and the TIN number issued to you at no cost.
How to apply for TIN: Non Individuals
Non Individuals such as (Limited Liability Companies, Incorporated Trustees, Enterprises, Cooperative Society, MDAs, Trade Association etc) can register for their TIN online by clicking here. Your request will be verified and approved. TIN Certificate
will be sent automatically to registered email at no cost.
NOTE: The TIN of an Individual is different from the TIN for a company.
Tax Identification Format in Nigeria
In Nigeria, a tax identification number (TIN) are nine-digit numbers.
For individuals wishing to get their TIN, visiting your local Inland Revenue Office might seem like an herculean task, but please take out time to go get your TIN since you NEED IT!