Do
you have a TIN?
Do
you know your TIN?
Everyone
should have a TIN, now if you run a registered business, you probably already
have yours.
According
to journals.org, 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. Everyone who pays tax is legally required to register for a TIN
number.
According
to one financial website proshare.com, the Finance Bill currently passed by
NASS amends sections 33, 49 & 58 of the Personal Income Tax Act. The listed
amendments cover deductions on Pensions and remove requirements for the award
of some personal relief. Precisely, the above-listed amendments address the
deletion of grants for definite individual reliefs and also the deductibility
of Pension contributions.
The
amendment of the PITA that the public is interested in is the fact that
hereafter individuals would be required to produce their Tax Identification
Numbers (TINs) before they can operate new or existing bank accounts in
Nigeria.
Without
the TIN number, your bank account gets frozen. If your bank account is frozen,
you are automatically stuck wherever you are. I mean, zero movements.
Tax
Identification Number (TIN) is an essential document in every individual or
business person's life.
Three steps to
apply for a TIN number
Fill
out the TIN application form.
You
will need the following:
A
business registration number
Certificate
of Incorporation.
The
requirements for the Tax Identification Number in Nigeria:
When filling
the forms, follow these instructions to the letter:
The
address should have about 200 characters.
Provide
your 11 digit phone number
Provide
an active email address
Ensure
you fill the entire field marked with an asterisk in the TIN application form
Every
Nigerian must have a TIN number. It used to be that you only needed a TIN
number if your firm receives income and profit. The laws changed. Now even if
you are a housewife, you must have a TIN number. You can ignore only if you are
uninterested in running your bank account.
To
check if you are compliant, use the web address below to validate your TIN.
Validate
your TIN on
Of
course, I tried validating mine and it did not work, so it is to locate a
physical office and go and sort this out before January 31st, 2020.
The
five most important points to take away from this article are:
1.
TIN Registration is Free. No one should compel you to pay for it.
2.
TIN is a requirement of every taxable individual in Nigeria. A taxable
individual is anyone that earns an income and/or is paid an income by any
organization irrespective of age. This includes foreigners working in Nigeria
as well
3.
TIN doesn't take away your tax relief or exemptions. It is just a confirmation
of the registration of the individual for tax purposes.
4.
TIN is now a statutory requirement for the opening, maintenance, and operation
of bank accounts in Nigeria.
5. Get your TIN number and validate it on the
FIRS website.
OTHER
REASONS YOU NEED A TIN NUMBER
- You need it to apply for
a government loan.
- You need it to open a
business account.
- You need it to import,
export or obtain a trade license.
- You need it to get a tax
clearance, allowance, a waiver or an incentive.
- If you want to move your
capital to a foreign country, you must have a TIN number
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