TIN Application Update in 2024 | How ToAapply For Your Tax Identification Number – Firstly the word TIN stands for a tax identification number. This is a delicate and unique number that is being issued by the (FIRS) Federal Inland Revenue Service to Taxpayers. (This can be an individual, company, or organization).
This number helps for easy identification of the company more than the name. there can be 7 or 20 companies with almost the same name, this is why we have a unique number just like the number on our national identification cards.
It helps for easy identification. It is not transferable or shared and it only got upon registration at the FIRS. Two companies with different names cannot share the same taxpayer identification number
If you are a business owner or company owner and have been wondering how to get the TIN, the process of registration, or how to locate the nearest TIN office in your locality, you have to carefully go through this article
In this article, I will be talking about the TIN application update as of 2023, which is the current year, and how to apply. A complete guide for registration is what we are going to be talking about in this article.
Before the guide let’s quickly list some of the reasons why we need a taxpayer identification number
Reasons For Taxpayer Identification Number
- It is one of the obligations of a citizen of a particular country.
- It is a major requirement when opening a business or corporate account in the bank.
- It is also one of the requirements for business owners doing importation and exportation of goods within and outside the country.
- it is a major requirement before you’re eligible to get a government loan
- Tin is needed when you apply for a certificate of occupancy
- it is a major requirement for Foreign Exchange
How Much Does It Cost To Apply For TIN?
Currently, the taxpayer’s identification doesn’t cost a dime to obtain it. All you need to do is to get to the appropriate quarters and apply for it. Upon verification, you will be issued your TIN. That is to say, it is free and to date, there has been no price tag on it.
Most times most companies get the services of a third party either a TIN agent or a lawyer. This is the third party that will bill you or charge you for the services rendered.
So when registering a TIN and you are being charged do not mistake any charges you are paying to be a TIN registration fee but rather it is a payment for employing the services of a third party (agent or lawyer).
How Long Does It Take For A TIN Number To Be Processed?
Normally a TIN is supposed to be issued on the day of registration or at most the second day after registration. But it is quite unfortunate that most Federal inland service offices are having server issues or facing one problem or the other which does not give them access to the internet to generate the code immediately or when needed.
This makes the TIN process take more than a week and sometimes a full two weeks or even more before it is issued to the entity involved.
How To Apply For Tax Identification Number | TIN Application Process
Currently, technology has made it so easy that one can generate his or her pin in the comfort of his home. You only have to go to the center for verification when chanced.
Note that a TIN will be assigned to you based on your bank verification number (BVN) or your National Identity Number(NIN)
However, the registration process is broken down into two;
- Registration for individual TIN
- Registration for corporate TIN(Non-individual Tin)
Registration for individual Taxpayer Identification Number:
- Using your preferred browser you log into https://tin.jtb.gov.ng/.
- Click on the TIN registration for individual
- You fill in the Individual TIN ( your BVN, date of birth, first name, last name, and the recaptcha)
- After filling in the boxes correctly you click on the search
The information on your BVN will be used to verify the information you provided and if it is not correct it will be shown there as an error but if it is verified you will see the processing button turn green.
Your taxpayer identification number will be automatically issued to you after verification and approval.
Registration for Corporate Taxpayer Identification Number:
- Using your preferred browser you log into https://tin.jtb.gov.ng/.
- Click on the TIN registration for Non- Individual
- You fill in the nonindividual TIN request boxes (your organization type- (Incorporated trustee, Limited by guarantee, Partnership, Private Limited Company, Private Unlimited Company, Public Limited Company, Sole Proprietorship, Business Name, Limited Liability Partnership, and Limited Partnership) registration number and your valid business registration name).
As you are filling in the registration number the server is identifying and verifying the registration. After successful verification of the information provided you will be automatically issued a tax identification number.
For Physical Registration
You will be asked to provide the original and 2 photocopies of the following document
- Memorandum of association or the articles of association
- A valid certificate of incorporation CAC2, CAC7
- Your company seal
- A copy of your company’s Utility Bill
- An application letter written on your company’s letter paper with the company’s stamp and signature
- A thoroughly completed TIN application form.
For entities whose business is not incorporated you need to register for VAT. your VAT number might likely turn out to be your TIN.
Conclusion
TIN is stated in the constitution of the country for every business owner or intended business owner, company, and organization. the importance of getting the tin as stated above is very necessary.
Most times companies and individuals pay a bulk of tax right from the date of registration. this sometimes happens when they are about to enroll or register for a particular thing which is quite stressful.
Also, you should note that a tax identification number can be verified through the website https://tinverification.jtb.gov.ng/Template/TINVerification
Frequently Asked Questions
What is the full meaning of TIN?
Tax Identification Number.
What is the full meaning of FIRS?
The full meaning of FIRs is the Federal Inland Revenue Service.
Which of the companies is involved in the issuing of the TIN?
The federal Inland Revenue Service.
