The Corporate Affairs Commission (CAC) has simplified the registration of companies under Part A of the Companies and Allied Matters Act (CAMA) by adding Tax Identification Number (TIN) to the Certificate of Incorporation of Companies. Before now, TIN was issued by the Federal Inland Revenue Services (FIRS) on application by the company.
A public notice by the CAC says: “This is to inform our esteemed customers that as part of the Ease of Doing Business Initiative, Certificates of Incorporation of Companies registered under Part A of CAMA will henceforth carry TIN issued by the Federal Inland Revenue Services (FIRS). This has dispensed with the need for companies apply (sic) for the issuance of TIN from the FIRS after incorporation.”
The Head of Tax and Corporate Advisory Services of PwC Nigeria, Mr. Taiwo Oyedele, says the new directive removes the previous time-wasting process that required companies to apply to the FIRS for their TIN after incorporation by the CAC.
The new order harmonises the process of obtaining TIN and eliminates the time for processing TIN with the FIRS. It also makes it easier for bank customers to open accounts by simply presenting their certificate of incorporation containing their TIN, which they had to procure separately before now.