legalcode:
Just engage the services of a Lawyer to avoid mistakes......una want make hunger kill Lawyers? haba.

this is not charge and bail matter now. do you want to deep your fingers in every pie? haba

I must tell you that you are exceptionally good!

Just this afternoon, I went to First Bank to inquire about what I need to open a corporate account. One of the requirements was a TIN. Honestly, I knew nothing about this as I only introduced myself into corporate stuff by registering a business name this March 2016. I just got my certificate documents yesterday.

When I was told this, I was frightened! I thought to myself, I' ve not commenced business and I'm already being told about things that'll involve money that I hardly have now?'

Well, I decided to google "TIN", which led me to our almighty NAIRALAND.

Thank God for every contributor on this platform. As y'll are bent on making Nigeria a knowledgeable nation, may the Great God make your minds overflow with ideas that will bring everlasting satisfaction to every one of you and your household.

Please, I need to learn further: as stated earlier, I'm yet to commence business. At this stage, wouldn't it be counter-productive to get any where near the tax house? Wouldn't the bank be charging me despite not doing any transactions yet?

You may know that seeking contract jobs- which is why I'm setting this up- takes a long time for new firms. I pray it doesn't though. How can I handle FIRS in the mean time? How are VAT & Companies income taxes charged?

Francis, I have flurry of questions. But I think I have to take it one step at a time. I'll be truly happy if I can get help from all well - meaning nlers.

haladug:
@poster, the procedure to obtain a TIN number is so simple cos its FREE and instant. just get all your papers regarding the business name registration to REVENUE HOUSE (FIRS HQ), Project FACT Office (Room 302)and in few minutes your Business details will be captured, TIN number generated and a printout issued to you. #Shikena.... Remember: Its absolutely FREE but be obliged to file returns once you begin business cos IT PAYS TO PAY YOU TAX!!!

Please bro educate me, I reside in Lagos And my biz is in Lagos, who do I pay tax to? fg or Lagos govt? tho am yet to go for my own TIN, but don't no which TIN I should go get weda LIRS OR FIRS..pls educate me bro.

AKPOZY:

I must tell you that you are exceptionally good!

Just this afternoon, I went to First Bank to inquire about what I need to open a corporate account. One of the requirements was a TIN. Honestly, I knew nothing about this as I only introduced myself into corporate stuff by registering a business name this March 2016. I just got my certificate documents yesterday.

When I was told this, I was frightened! I thought to myself, I' ve not commenced business and I'm already being told about things that'll involve money that I hardly have now?'

Well, I decided to google "TIN", which led me to our almighty NAIRALAND.

Thank God for every contributor on this platform. As y'll are bent on making Nigeria a knowledgeable nation, may the Great God make your minds overflow with ideas that will bring everlasting satisfaction to every one of you and your household.

Please, I need to learn further: as stated earlier, I'm yet to commence business. At this stage, wouldn't it be counter-productive to get any where near the tax house? Wouldn't the bank be charging me despite not doing any transactions yet?

You may know that seeking contract jobs- which is why I'm setting this up- takes a long time for new firms. I pray it doesn't though. How can I handle FIRS in the mean time? How are VAT & Companies income taxes charged?

Francis, I have flurry of questions. But I think I have to take it one step at a time. I'll be truly happy if I can get help from all well - meaning nlers.

Hello AKPOZY,

Congratulations on the registration of your business name. Most of the questions in your post are the same questions I have too. However, I want to know what was involved in registering your business name, how long it took you to finish the process and if you did it yourself or used a lawyer. Thank you.

Thank you so much for this thread.

I just got back from FIRS office here in Ibadan and I am stuck at the application letter part.
Can anyone please help me with a template. The Address is the major issue for me right now.

Anybody please?

Thank you

Please I am hoping i can get some help here regarding TIN application.
I am planning to start a business in Nigeria and have completed the required business registration.
Currently in the process of applying for a TIN and i'm hoping i can get some guidance from people on the forum.
Can some please kindly shed some light on the queries below?
1. You will be required to write a letter to the tax comptroller with your company’s letter headed paper
What should this letter read, does anyone has a sample?
2. A company rubber stamp (you will need that to stamp the firs forms)
I am about to order rubber stamp for the business but i'm unsure what information goes on a rubber stamp.
The default is Business Name, Address & Phone Number, is there anything else?
3. I am based outside Nigeria, will a friend of mine be able to take this to the firs office on my behalf?

Hello as regards your question, first you need to determine the relevant tax authority, this can be determined based on your registered address when registering your business at the CAC.
The letter should be more of request/ registration for a tin number and this would be done in your companys letter head paper and duely stamped.
anyone can help you take it to the relevant firs office. If its within lagos, the island to be precise, i can be of help to you.
Thanks

Prospecta:
Please I am hoping i can get some help here regarding TIN application.
I am planning to start a business in Nigeria and have completed the required business registration.
Currently in the process of applying for a TIN and i'm hoping i can get some guidance from people on the forum.
Can some please kindly shed some light on the queries below?
1. You will be required to write a letter to the tax comptroller with your company’s letter headed paper
What should this letter read, does anyone has a sample?
2. A company rubber stamp (you will need that to stamp the firs forms)
I am about to order rubber stamp for the business but i'm unsure what information goes on a rubber stamp.
The default is Business Name, Address & Phone Number, is there anything else?
3. I am based outside Nigeria, will a friend of mine be able to take this to the firs office on my behalf?

Rexnegro:

Please bro educate me, I reside in Lagos And my biz is in Lagos, who do I pay tax to? fg or Lagos govt? tho am yet to go for my own TIN, but don't no which TIN I should go get weda LIRS OR FIRS..pls educate me bro.

Is your business an enterprise or a limited liability company? this will help in giving you an appropriate response.

AKPOZY:

I must tell you that you are exceptionally good!

Just this afternoon, I went to First Bank to inquire about what I need to open a corporate account. One of the requirements was a TIN. Honestly, I knew nothing about this as I only introduced myself into corporate stuff by registering a business name this March 2016. I just got my certificate documents yesterday.

When I was told this, I was frightened! I thought to myself, I' ve not commenced business and I'm already being told about things that'll involve money that I hardly have now?'

Well, I decided to google "TIN", which led me to our almighty NAIRALAND.

Thank God for every contributor on this platform. As y'll are bent on making Nigeria a knowledgeable nation, may the Great God make your minds overflow with ideas that will bring everlasting satisfaction to every one of you and your household.

Please, I need to learn further: as stated earlier, I'm yet to commence business. At this stage, wouldn't it be counter-productive to get any where near the tax house? Wouldn't the bank be charging me despite not doing any transactions yet?

You may know that seeking contract jobs- which is why I'm setting this up- takes a long time for new firms. I pray it doesn't though. How can I handle FIRS in the mean time? How are VAT & Companies income taxes charged?

Francis, I have flurry of questions. But I think I have to take it one step at a time. I'll be truly happy if I can get help from all well - meaning nlers.

Even if u have not commenced business, you still have to get a TIN, no body will charge you tax "if you have not commenced business" , however, if you want to collect TCC, you will have to pay pre-operational levy (POL).

mikeywise:

Is your business an enterprise or a limited liability company? this will help in giving you an appropriate response.

it's enterprise, just a business name I registered with CAC

Rexnegro:
it's enterprise, just a business name I registered with CAC

For business name, you would have to pay your personal income tax to the state internal revenue service while you would pay VAT to the federal inland revenue service.

doseni:


For business name, you would have to pay your personal income tax to the state internal revenue service while you would pay VAT to the federal inland revenue service.

no wonder people dey run from tax wahala...pay here pay There ontop how much ehn?

Rexnegro:
no wonder people dey run from tax wahala...pay here pay There ontop how much ehn?

The VAT you pay to FIRS is not from your profit.

Hello Rexnegro,

I feel I should come in here.
As an enterprise, you need to register with FIRS, get your TIN with which you'd use to remit VAT charged at the end of the month. But note that VAT is not from your personal income. It is that 5% added to the value of sales or services rendered, you charge VAT from customers, and at the end of the month, before 21st of the next month, calculate the total VAT charged and remit to FIRS, where there are no sales for the month, you file NIL return. Failure to file is what attracts penalty and not failure to pay. You pay when you charge, if not , file NIL. Do you understand?

For IRS, as an enterprise, if you are on payroll, have employees, then you should register with IRS, get Tax Payer ID with wich you will be remitting PAYE ( Pay As You Earn). A percentage of your salary and that of your employees based on the salary level. Where you are not on salary and do not have paid staff, PAYE does not apply to you.

Hope I was explicit enough.

For more, pls call me on 08126824830
Email: info@inceconsulting.com
website: www.inceconsulting.com

Rexnegro:
no wonder people dey run from tax wahala...pay here pay There ontop how much ehn?

thanks for all the info shared in here.

oshanka:
Please I need an opinion , registered a business name 5 years ago, and opened an account with it the same year , during d last update exercise out of negligence did not get a TIN. Still using the account but intend to get a TIN now, what penalties would i pay and hope it would not be clumsy having operated the account off and on in the last five years. Thank you

Hello oshanka,
I will suggest you contact your account officer to be sure TIN has not been generated for your account because it is very likely it has been done so he/she can send it to you.
But, if not, TIN is still free. You only need a good Tax Consultant to help you reduce the penalty for late registration as well as suggest other available options, you'll only pay a little consultation fee to the consultant.

If you need help on that, feel free to call me on 08126824830.
email: info@inceconsulting.com
website: www.inceconsulting.com

All the best.

.

My friend registered A limited liability company in 2013, so I want to use it to submit proposal. I did TIN myself, it's easy, just to go FIRS office around or the jurisdiction of the registered address in form co2 and co7. You will only need to make a rubber stamp and letter headed paper to write application letter. I got it next day but the lawyer that the registration for him made lots of mistakes while filling the form cos that my friend was not around then and I wasn't around too. I couldn't open to bank account with the company name cos I'm not one of the 2 directors. I went to different banks but only telling me that I'm not a member of directors so I can't open account despite providing letter to introduction and resolution. I need help regarding this please.

Register for Your TIN online at this govt portal
https://otr.jtb.gov.ng/

You should have the following before you get to firs
*a coloured letter headed paper of your company (this is what you will use to apply for. TIN)
* the cac certificate, original (for sighting) and photocopy
*cac form A1 (that carries the photo(s) of the proprietor (s)) photocopy and original
*cac form 6 (that indicates the BN no) photocopy and original
*a company rubber stamp (you will need that to stamp the firs forms)
*on the firs form (VAT), you will be asked for company bank account, if you have one (I doubt this, cos most banks will ask for your TIN number before opening such) you can write "yet to be opened"
Then as soon as you get your TIN number, you can now go and open the account (just make sure you get a company seal ready)

I think I have covered all the basics!
Goodluck


Oh! TIN registration is FREE!!! Plus, I do not work for firs nor cac, I just shared my own experience when I did mine in august this year!

*when filling the forms, if you don't understand anything, leave it blank, cos when you are submitting it, the tax officer will tell you what to write e.g auditors (yet to be appointed) the bank acc I mentioned earlier etc
Cheers

the company seal you talked about is it the same as the rubber stamp??

Its either a seal or a ruber stamp.

Nice thread.

Please is is possible to open a corporate bank account using a stamp or must it be via seal?

No. WHT is tax on investments.

israel007:


Isn't it deductible at source from one's money? Isn't that you paying a form of tax?