The Federal Inland Revenue Service (FIRS) has set a mandatory deadline of April 12, 2020 for all taxpayers and companies to register and obtain the Tax Identification Number (TIN) and display it on all documents supporting business transactions.
A public notice by the Chairman of the service, Mr Mohamed Nami, stated that every company or business shall provide their TIN to relevant financial services provider not later than the set date. It was explained that this will allow them update their existing records for accounts opened before the coming into effect of the Finance Act 2019.
It also directed that banks and other financial institutions are required to request for TIN as a precondition for opening new accounts for companies and any other business.
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.”