How To Get Tax Identification Number (TIN) And Open A Bank Account For Your Business In Nigeria.

Tax payment is compulsory for every business owner in Nigeria as well as employed Nigerian citizens. However, it is impossible to pay your tax or open a corporate bank account without your tax identification number
(TIN). So, in this article, we will take you through the process of how to get TIN in Nigeria either as an individual or a company.

See Also: Types of Taxes in Nigeria

Generally speaking, to get your TIN in Nigeria, all you need to do is:

• Visit the nearest FIRS office
• Request for the relevant documents or forms involved
• Fill the forms correctly
• Return the completely filled form to FIRS
• Present your valid ID card e.g International passport, National ID card, Voters Card or Drivers license
• Submit your passport and fingerprints

Nevertheless, we have broken down this process to answer the frequent questions people ask about tax identification number. Ensure you read till the end.

See Also: Different taxes in Nigeria and how to pay them

What is Tax Identification Number (TIN)?

Basically, TIN is a unique number given to an individual, a registered business or incorporated companies for the purpose of tax payment. Usually, the number is issued by the tax office for proper identifications and
order.

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Why Should I get A TIN?

TIN is the prove you have to show that you are a registered tax payer in Nigeria. In addition to that, TIN helps you to avoid double taxation because your payment can be traced and verified.

Not only that, TIN is required for:

• Government loans
• Foreign exchange
• Tax clearance certificate
• Opening corporate account
• Application for certificate of occupancy
• Application for trade, import and export licenses
• Registration of Motor Vehicles

See Also: The Nigerian Tax Systems, Irregularities and way forward

How Can I Get A TIN In Nigeria As An Individual?

According to the joint tax board, if you are an individual, you are automatically assigned a TIN based on your Bank Verification Number or National Identity Number. In other words, to get a TIN as an individual, BVN or NIN is a major requirement.

Alternatively, you can visit FIRS office with the following requirements:

• Duly completed TIN Application form
• Valid ID card
• Passport size photo
• Contract of employment or letter from employer
• Utility bill

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How Can I Get A TIN In Nigeria As A Non Individual?

Non individuals include limited liability companies, enterprises, co-operative society, trade associations etc. So, to get your TIN, you can visit the closest tax office to where your company is located with the following
document:

• Memorandum & Articles of Association
• CAC 2 and CAC 7
• Utility Bill
• Company Seal
• Application letter on company’s letterhead
• Well filled TIN application form
• Company name
• Registered office of the company
• Business adress of the company
• Nature of business
• Date the company commenced business
• Company Accounting date
• Name and Address of banker(s)
• Particulars of major shareholders of your company
• Particulars of Directors of your company
• Name and Address of Auditors for your company
• Name and Address of Tax Representative of your Company

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Please note that you will need both the originals and two extra copies of the listed documents. The originals are only needed for sighting.

Also, if you registered as a business name and not a limited liability company, you will need to provide the following:

• Business Name Registration Certificate
• Utility bill
• Duly completed TIN Application Form
• Application letter on your company letter headed paper
• Official Business Stamp

Normally, you can apply for TIN within six month of incorporating your company. But, it is advisable to apply immediately the business is registered.

On the other hand, non individuals can register for their TIN online by visiting https://tin.jtb.gov.ng/. Note that before you can request for a TIN number as a corporate body, your business has to be registered with corporate affairs commission (CAC).

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How Long Does It Takes To Get A TIN In Nigeria?

Usually, it takes 10 working days after submitting your TIN application. However, due to the backlogs in FIRS, it can take longer than the usual time frame.

If you register online via joint tax board, your TIN number will be generated within 48 hours after your TIN request has been submitted.

How Much Does It Cost To Get A TIN In Nigeria?

TIN is free if you do it yourself. But, if you decide to engage the service of a third party, you will need to pay for the person’s service charge.

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How Can I Verify My TIN?

It is important that you verify your tax identification number once you receive it. To do that, visit firs.gov.ng and click on TIN Verification then go to the search form, you will be given three options:

1. Search using Tax Identification Number (TIN)

• Select Tax Identification number on the select search criteria drop down list
• Input your TIN (FIRS or JTB TIN) in the search value field
• Enter the correct captcha image text
• Click on the search button

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2. Search using CAC Registration Number

• Select CAC Registration number on the select search criteria drop down list
• Enter your CAC registration number in the search value field
• Enter the correct captcha image text
• Click on the search button

3. Search Using Phone Number

• Select Phone number on the select search criteria drop down list
• Enter your phone number in the search value field
• Enter the correct captcha image text
• Click on the search button

See Also: Your Business And the Law

What Do I Need To Open A Corporate Bank Account In Nigeria?

• Certificate of Incorporation
• Tax Identification Number (TIN)
• Valid IDs of Directors (photocopies)
• Passport photo of each signatories
• Board Resolutions

Apart from that, GTBank for example requires a N5,000 payment to verify your CAC documents. The amount however, varies with the different banks

We are happy to share this content with you. Also feel free to share it with your friends and associates. Remember, tax payment is everybody’s duty.

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