As part of the Ease Of Doing Business Initiative, the Corporate Affairs Commission (CAC) will now work with the Federal Inland Revenue Service (FIRS) to issue Tax Identification Numbers (TIN) along with the Certificate of Incorporation.
This will save companies and small business owners the troubles of applying separately to the FIRS for their Tax Identification Numbers.
This was contained in a statement signed by the Corporate Affairs Commission (CAC) on Monday, June 29.
The statement reads in part “Certificates of Incorporation of companies registered under part A of the CAMA will henceforth carry Tax Identification Numbers (TIN) issued by the FIRS”.
With this development, companies and business owners can now proceed to open a corporate account upon receiving their Certificate of Incorporation, rather than waiting another week or more for the issuance of Tax Identification Numbers.
This also allows them to easily request loans and credit facilities from financial institutions and dispenses the need to visit the FIRS office.
For the revenue collection agency, the development is set to improve the accuracy of its database of registered businesses operating in the country and can aid it to widen its revenue net.