FIRS mandates taxpayers to obtain TIN before April 12 deadline

The Federal Inland Revenue Service (FIRS), on Monday, February 25; reiterated its mandate stating that it is mandatory for all taxpayers and companies to register and obtain the Tax Identification Number (TIN) and display it on all documents supporting business transactions before April 12, 2020.

FIRS made this known in a public notice signed by its Chairman, Muhammed Nami.

The agency revealed that every company or business “shall provide their TIN to relevant providers of financial services not later 12th April 2020; in order to update their existing records for accounts opened; prior to the coming into effect of the Finance Act, 2019.”

It also said banks and other financial institutions are required to request for TIN; as a precondition for opening new accounts for companies and any other business.

It further explained that Section 3 of the Finance Act, 2019; substituted the provision of Section 10 of the Companies Income Tax Act (CITA).

This explains that “every company shall have a Tax Identification Number (TIN); which shall be displayed by the company on all business transactions with other companies and individuals; and on every document, statement, returns, audited accounts and correspondence with revenue authorities; including the Federal Inland Revenue Service, ministries and all government agencies.”

In a separate notice, FIRS notified taxpayers that payment of tax is to be made on or before the due date of filing in one lump sum or installment.

This according to the service; is pursuant to the amendments to Section 77 of the Companies Income Tax Act, (CITA) by Section 18 of the Finance Act.

The service further noted that it would grant approval to any taxpayer that wishes to pay in installments; prior to the due date of filing and final installment must be paid on or before the due date of filing.

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.

Ng daily

Related Posts

Leave a Reply

Your email address will not be published.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

Read also x