Tuesday, 30 June 2020 05:14

CAC to issue incorporation certificates with tax numbers

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Certificates of incorporation of companies registered under Part A of the Companies and Allied Matters Act will now be issued with Tax Identification Numbers.

According to the Corporate Affairs Commission, the registration certificates of business and non-business entities captured in the Act will henceforth be issued with TIN.

CAC management disclosed this in separate tweets via the commission’s official Twitter handle on Monday.

It explained that the move was part of measures aimed at boosting the country’s Ease of Doing Business initiative.

The commission said, “This is to inform our dear 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 Tax Identification Numbers issued by the Federal Inland Revenue Service.”

Based on this, customers of the agency will have no need of applying separately for tax numbers from FIRS.

“This has dispensed the need for companies to apply for the issuance of Tax Identification Numbers from FIRS after incorporation,” the commission stated.

This implies that the processes of registering a business and getting a TIN have been merged, as CAC certificates will now have TINs.

Federal Government, through its Presidential Enabling Business Environmental Council, has been working to remove the bottlenecks in Nigeria’s business environment.

The aim is to attract both foreign and local investments by improving the country’s ease of doing business.

 

Punch