Business owners, who desire to register their businesses with the Corporate Affairs Commission (CAC) will henceforth not need to obtain a Tax Identification Number (TIN) from the Federal Inland Revenue Service as the Nigerian government has integrated the process into business registration.
In a statement shared via its Twitter handle @cacnigeria 1 on Monday, CAC declared that certificates of incorporation issued by the commission would now carry TINs.
“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 tax identification numbers issued by the Federal Inland Revenue Service (FIRS),” the corporation said.
“This has dispensed with the need for companies to apply for the issuance of tax identification numbers from FIRS after incorporation.”
Nigeria ranked among the countries with the biggest improvement in the World Bank’s Ease of Doing Business report 2020 and the latest development is expected to improve the country’s rating further.
It ranked 131 out of 190 economies, moving up 15 places from the 146th position last year with 56.9 percentage point score.
The Nigerian government, through its Presidential Enabling Business Environment Council, has been making efforts to remove various constraints in the business environment while attracting investments from outside the country.
Currently, the National Agency for Food and Drug Administration and Control is extending an 80 per cent discount to micro, small and medium scale enterprises to get their products registered.
The incentive, which started in May, is expected to last for six months.