What are the benefits of having a TIN?

1. TIN is a prerequisite for business transaction with a Government
agency in Nigeria. It is always demanded before payments are made for
executed jobs/contracts/consultancy. Multinationals and key corporates
also demand for TIN before making payments to companies/firms that
execute contracts with them

2. TIN identifies a corporate/charity/Not For Profit as a dutiful
citizen

3. TIN is a pre requisite for opening of bank accounts in Nigeria

4. TIN makes tracking and identification of tax compliant companies easy

5. TIN ensures that States and Federal tax authorities in Nigeria do
not tax you twice

6. Makes it easy for federal authorities to access your tax payment
records so you are not taxed twice by another tax jurisdictions
(country)

What are the disadvantages of not having TIN for a new or existing
business?

1. Access to Federal Government contracts or payment for Federal
Government contracts will be difficult, almost impossible

2. It suggests that such businesses are not good corporate citizens

3. Corporates with no TIN could lose tax credits due to their companies
from Withholding Tax from government contracts

4. Access to tax records will be difficult and cumbersome with no TIN

Source: AFRICA'S YOUNG ENTREPRENEURS


Neteller here: www..com.ng

Wow

Please sell this idea to the government.
Now that bvn is in place and we see the benefits, all individuals and corporate bodies should also be mandated to have TIN in the same manner that BVN was computerized and administered.
The individual's or corporate TIN should be linked to their BVN.
Then a fully usery-friendly website should be opened where individuals and corporate bodies can log in with their TIN , do a self-tax assessment, pay directly from their Bank Accounts( Via BVN), or schedule for payments before the end of the tax year.

This would make it not only easy and cheap for government at levels to collect taxes, but also help in citizens be tax compliant, as well making it very easy tax audits, as the BVN would make it easy to assess an individual's or corporate body's income.

plaetton:
Please sell this idea to the government.
Now that bvn is in place and we see the benefits, all individuals and corporate bodies should also be mandated to have TIN in the same manner that BVN was computerized and administered.
The individual's or corporate TIN should be linked to their BVN.
Then a fully usery-friendly website should be opened where individuals and corporate bodies can log in with their TIN , do a self-tax assessment, pay directly from their Bank Accounts( Via BVN), or schedule for payments before the end of the tax year.

This would make it not only easy and cheap for government at levels to collect taxes, but also help in citizens be tax compliant, as well making it very easy tax audits, as the BVN would make it easy to assess an individual's or corporate body's income.

Gbam!

Excellent!

But then, in a country where citizens provide their own electricity, water, roads and benefit nothing from the government, I still seem unable to see any reason to pay income tax

Someone should remind this government about that National Identity card though. I did mine in 2013 and it still isn't ready. It is really embarrassing