The Corporate Affairs Commission (CAC) has issued a Public Notice informing the general public that a company’s tax identification number (TIN) will henceforth be included on its certificate of incorporation. The CAC noted that this is part of the Ease of Doing Business (EoDB) initiative of the Federal Government and will eliminate the need for companies to apply to the Federal Inland Revenue Service (FIRS) for TIN after incorporation.
We commend the Presidential Enabling Business Environment Council (PEBEC) for this initiative. The integration of the incorporation and tax registration processes will save newly registered companies the erstwhile administrative burden of registering with the FIRS to obtain TIN. It will also enable the FIRS to capture new companies in its database at incorporation to improve tax compliance in the country.
Nigeria currently ranks 131 out of 190 countries on the World Bank Doing Business Index. It is expected that PEBEC will continue to review the country’s business climate and introduce additional initiatives that will streamline business regulatory processes and improve EoDB in Nigeria.