Friday, December 6, 2019

How To Obtain Tax Identification Number (TIN) In Nigeria

The reason why we compiled this post is to update you with information required as regarding how to apply for T.I.N before the set implementation day, which is dated at 2nd of January 2020. This is according to Mrs. Zainab Ahmed, The Minister of Finance. Failure to comply with this directive, individuals involved will not be able to access their account after the set date.

What is T.I.N [Tax Identification Number]?

This 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.

The national assembly just passed a financial bill in the amended Sections 33,49 & 58 of the Personal Income Tax Act. For those who not understand what this implied, the implication of this law is that individuals will be required to provide their T.I.N {Tax Identification Number} before they can operate their existing account in the bank or open a new one.

In order to avoid the implication of not having TIN before the dated date, the only reasonable thing to do is to register for T.I.N which is free of charge and can be done with your smartphone from the comfort of your office or home. We all know how stressful it is to queue for things like this, Anyways it should be noted that to apply as an individual you need the following:

TIN Registration requirement

  • Bank Verification Number (BVN) or National Identity Number (NIN)
  • Individual can register for Tax Identification Number by submitting their request online via https://tin.jtb.gov.ng
  • Make sure you fill all necessary information required on online form

As a business or individual, TIN is important 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. Note that the registration to obtain your TIN is absolutely Free Of Charge. except you employ a third party to do it on your behalf or you have incurred any tax penalty based on the time frame given according to the Law to obtain your TIN.

After you register for your TIN, the TIN generation process is real time and in any case should not exceed 48 hours after a TIN request has been submitted to get your TIN.

Visit: https://tin.jtb.gov.ng to apply for your TIN now

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