lagerwhenindoubt:

@udokpuenyi thanks for the useful info - BTW are you the same guy who deals with car parts?

udokpuenyi:

Yes, My private stake is in auto business (sparepart and auto conversion services) , that is the industry i was born into.

Corporate wise, a  software development  consultant and wide range business fellow ( since you asked).

I put on nice suite, speak and write big grammar like Hon Patrick from Edo state , at the same time I slip under people vehicles to find why their sump cover should be leaking oil. ( no jokes)

JIC Ltd:

Mobile Money Service is the next Hot Business for any Entrepreneur/Business Minded Person in Nigeria

CBN has introduced a cashless Society Policy & it's taking full effect in Nigeria from 1st of June 2012[b],it has started in Lagos already.[/b]

babybird82: Hello good people of nairaland. Please we registered a business name in June 2011. My husband and I are partners. We are yet to open an account and the shop is still under construction. We intend to sell children's outfits bought from UK in one section and all types of drinks in the other section. Hopefully, business will be in full gear by May/June 2012.

My question is this. How do we go about getting the TIN and the TCC? We intend to use the business account later in the future to apply for Visa's and we don't want to have any issues in terms of tax.

Thanks for ur anticipated response.

udokpuenyi: Let me state this fact clearly.

Please do not hand your tax tax computation into the hands of the revenue office worker else you will regret doing so, I am saying this without exclusion to any , because they will run you down and ruin your firm. Anybody suggesting that you just walk into any revenue office and do this or that is note giving the right advice at least as far as Nigeria tax board offices are concerned. Let the person do so and then have the experience

There are a whole lot thing involved during initial tax filling and registration and you have to get it right right from the onset else you continue paying how you started it.

Get a consultant to manage you tax affair and you will be shielded from the extortionist tendencies of the taxman; and if you cannot afford to get a tax consulting firm; look for a friend , a relation or any body who works in a tax firm and consult with him on individual level. Proper advice before you start all your tax filling is indispensible and all effort must be made to get right.
Tax issue are serious, it can ruin one business if not properly handled. I work in tax consulting firm and I know what I am saying

Below is the list of documents needed for registration as a tax payer

1.Registered address
2.Business address
3.Nature of business
4.Date of incoporation

5.Date of commencement
6. Proposed name and address f banker
7. Proposed name and address of auditor
8. Name and address of directors
9. Proposed accounting date of the company
10. statement of affairs

In addition to above , you need
a.Memo and article of association
b.certificate of incorporation


Also know about the new Personal Income Tax Regime

before
First N30,000 taxed at 5%
Next N30,000 taxed at 10%
Next N50,000 taxed at 15%
Next N50 000 taxed at 20%
Above N160 000 taxed at 25%

Now:

First N300,000 taxed at 7%
Next N300,000 taxed at 11%
Next N500,000 taxed at 15%
Next N500,000 taxed at 19%
Next NI, 600,000 taxed at 21%
Above N3, 200,000 taxed at 24%




ireogwu@ijewere.com

Topdogs85: A TIN can only be issued by the FIRS and not the CAC. the business registration number issued by the CAC is different from the TIN. You can walk into the FIRS office closer to the registered address for the generation of your TIN. However this should be done not later than 6 months from incorporation or commencement of business which ever is earlier. You will then be required to file monthly VAT returns even without any trading. Failure to do so would lead to the imposition of penalties and interest thereon. For a TCC, its issuance is free if all conditions are satisfied. For a company yet to commence business, one of the conditions is the payment of a pre-operational levy of 25K for the first year and 20k in subsequent years.

Please note that the above payment only applies to registered companies. Registered business names (individuals, partnerships) do not need to obtain TCC from the FIRS but the state board of internal revenue where they are located. For more information you can contact me on topdogs85@yahoo.com

Topdogs85: A TIN can only be issued by the FIRS and not the CAC. the business registration number issued by the CAC is different from the TIN. You can walk into the FIRS office closer to the registered address for the generation of your TIN. However this should be done not later than 6 months from incorporation or commencement of business which ever is earlier. You will then be required to file monthly VAT returns even without any trading. Failure to do so would lead to the imposition of penalties and interest thereon. For a TCC, its issuance is free if all conditions are satisfied. For a company yet to commence business, one of the conditions is the payment of a pre-operational levy of 25K for the first year and 20k in subsequent years.

Please note that the above payment only applies to registered companies. Registered business names (individuals, partnerships) do not need to obtain TCC from the FIRS but the state board of internal revenue where they are located. For more information you can contact me on topdogs85@yahoo.com

LOUDmedia:

Thanks for the info. Good one.

Tried sending you a mail via "topdogs85@yahoo.com", but returned undelivered.

Please, provide a valid email. Need to have a chat with you.

wesley80:
The guy was actually being lenient by asking for just 200k! You have to realize the number of laws you've broken to appreciate the amount you're bein charged. You failure to register for VAT alone and file monthly returns for the period would have racked up more than that amount not to speak of your non rendering of Áccount for the period. There's always a chance you might meet someone lenient but the law has u on this one and u're at their mercy. BTW, are you sure what u've got is a TIN no? They NEVER come with the CAC documents but have to be applied for separately at your DOMICILED tax office.

Laudate II:


Correct me if I am wrong, but I got the impression that the =N=200k was a bribe being requested by the Head honcho? Aren't there laws against corruption?

Laudate II:


Correct me if I am wrong, but I got the impression that the =N=200k was a bribe being requested by the Head honcho? Aren't there laws against corruption?

Laudate II:


Correct me if I am wrong, but I got the impression that the =N=200k was a bribe being requested by the Head honcho? Aren't there laws against corruption?