Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
  • Economy
    • Macro-Economic News
    • Get Data
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home General News

FIRS issues deadline for taxpayers to obtain Tax Identification Number

Chidinma Nwagbara by Chidinma Nwagbara
February 27, 2020
in General News, Politics
FIRS, Nigeria generates N424.71 billion VAT in Q3 2020

Mohammed Nami

Share on FacebookShare on TwitterShare on Linkedin

The Federal Inland Revenue Service (FIRS) has set a deadline for all taxpayers and organisations to obtain Tax Identification Numbers (TINs). The agency expects all documents supporting business transactions to display the TIN before April 12, 2020.

This deadline was given by the FIRS in a public notice signed by its Chairman, Muhammed Nami.

The notice stated that every company or business is to provide the number to relevant providers of financial services not later 12th April 2020. This would be done in order for the update to be done in their existing records of accounts opened before the Finance Act 2019 came into effect.

The FIRS also stated 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.

[READ MORE: FIRS tightens noose on deduction of stamp duty, CIT, others)

More details: The FIRS went on to explain in the notice that, “Every person engaged in banking and other financial services in Nigeria shall require all companies to provide their TIN as precondition for opening an account or in case of an account already opened within three months of the passage of this act, the bank requires such TIN to be provided by all companies as precondition for continued operation of their bank accounts.”

Meanwhile, FIRS notified taxpayers in a separate notice that payment of tax is to be made on or before the due date of filing in one lump sum or instalment. This is said to be in line with the amendments to Section 77 of the Companies Income Tax Act, (CITA) by Section 18 of the Finance Act.

FIRS added that any tax due and unpaid by the due date of filing shall attract interest and penalties as provided in the extant tax laws.

What you need to know:

  • Banks will be required to request Tax Identification Numbers (TINs) before opening accounts for individuals while existing account holders must provide their TINs to continue operating their accounts.
  • Emails are to be accepted by the tax authorities as a formal channel of correspondence with taxpayers.
  • Banks in Nigeria currently demand TINs under the instruction of the Federal Inland Revenue Service (FIRS).
  • With the new law, TIN is now a critical KYC information required by banks which inadvertently gives the FIRS access into the banking transactions of taxpayers.

Related

Tags: Federal Inland Revenue ServiceFinance Act 2019firsMuhammed NamiTax Identification Number

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • EFCC arrests Accountant General of the Federation, Ahmed Idris, over alleged N80 billion fraud
    • NGX ends trading day bearish as market cap dips by N83 billion 
    • Lagos embarks on clampdown of Okada riders in Lekki, to continue tomorrow

    Follow us on social media:

    Recent News

    Nigeria’s N24.9 trillion debt not a problem – Finance Minister

    EFCC arrests Accountant General of the Federation, Ahmed Idris, over alleged N80 billion fraud

    May 16, 2022
    Nigerian stocks on Monday, March 15, 2021, closed the trading session with the Bearish note. The All-Share Index (ASI) dropped by 0.22% to settle at 38,561.84 index points almost doubling the loss of Friday last week., UPDC, ACADEMY, Others lead gainers as Market Cap grow by N2.54 billion, Nigerian Bourse close positive as Market Capitalization grew N24.92 billion

    NGX ends trading day bearish as market cap dips by N83 billion 

    May 16, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
    • Economy
      • Macro-Economic News
      • Get Data
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com