The Federal Inland Revenue Service, FIRS, has tasked businesses and companies on registering with the service to obtain the mandatory Tax Identification Number, TIN, before the April 12, 2020 deadline.
A public notice signed on Monday by the FIRS Chairman, Muhammed Nami, said such number so obtained should be displayed on all documents supporting business transactions before April 12, 2020.
The statement noted that every company or business “shall provide their TIN to relevant providers of financial services not later than 12th April, 2020, in order to update their existing records for accounts opened prior to the coming into effect of the Finance Act, 2019.”
According to him, banks and other financial institutions are required to request for TIN as a precondition for opening new accounts for companies and any other business.
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It further explained that Section 3 of the Finance Act, 2019, substituted the provision of Section 10 of the Companies Income Tax Act (CITA) which explains that “every company shall have a Tax Identification Number (TIN) which shall be displayed by the company on all business transactions with other companies and individuals and on every document, statement, returns, audited accounts and correspondence with revenue authorities, including the Federal Inland Revenue Service, ministries and all government agencies.”
“Every person engaged in banking and other financial services in Nigeria shall require all companies to provide their TIN as precondition for opening an account or in case of an account already opened within three months of the passage of this act, the bank requires such TIN to be provided by all companies as precondition for continued operation of their bank accounts,” the notice also added.