GET YOUR TAX IDENTIFICATION NUMBER About TIN and its benefits The Taxpayer Identification Number (TIN) is a number which would be used to identify a taxpayer (you) for life and could be obtained in any office of the Federal Inland Revenue Service (F.I.R.S) nation-wide or in any office of all 36 States Board of Inland Revenue (S.B.I.R). Getting a TIN is free. Be one of the first to register and you could get free TIN souvenir. Part of the benefits of you getting a TIN is that: • It would help you to avoid being taxed multiple times unknowingly • You can use it to track all your tax records • It would allow the government to better plan, create budget, and meet your needs and expectations as a citizen of Nigeria. • This enables you to obtain a Tax Clearance Certificate which you can also use as a means of identification in all transactions with the government, banks, and other corporate bodies. Your previous tax payments will not be affected by you getting a TIN. TIN is an initiative of the Joint Tax Board (JTB) jtb.gov.ng and you can learn more about it on the official website of the TIN Program jtb.gov.ng/utin NOTE: the process of obtaining a Tax Clearance Certificate for a corporate body or company can be different for several organizations. It all depends on the dynamics of your company. You will need to get in touch with FIRS and register your company. The FIRS usually maintain offices in almost every local government area. So, if your office is located in Surulere, you will have to register with the Integrated Office in Bode Thomas Street. After registration, your company will be given the Tax Identification Number (TIN). Your TIN will be used for every tax related transaction you do like VAT and WHT. It is however not to be used for your state related taxes like the ones collected by the LIRS. Whatever you do, never approach a tax man (FIRS official or office) by yourself, it can make or mar you. At this point you should get a tax consultant. Your tax consultant will help you submit your documents with the FIRS. The role of the tax consultant is very critical as their handling of your case with the authorities usually determines if the tax man will accept your figures and give you a certificate on time. In a situation where the account you prepared is not acceptable to the authorities they can by law use a Best of Judgement (BOJ) decision to compute the amount of tax you should pay. This is often a drastic and unfavourable scenario for the tax payer. However it can be minimized or all together avoided. After a successful submission of your documents with the FIRS, you will be given a Tax Clearance Certificate that is signed by an Inspector of Taxes. The tax clearance certificate is usually for the 3 years preceding your application. The cost of a tax consultant differ for small businesses. However, this can fall between N50,000 to N100,000 depending on the peculiarity of your case.
Posted on: Wed, 04 Sep 2013 07:39:15 +0000
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