The Corporate Affairs Commission (CAC) has debunked reports that its agency is demanding companies to pay for their Tax Identification Number (TIN) in the country.
In a circular signed by the management on Friday, the commission said it noticed flood of emails that did not emanate from them targeting directors of newly incorporated companies with requests for payment to acquire tax IDs.
Accordingly, CAC said that Tax IDs are free according to the stipulations of Federal Inland Revenue Service (FIRS), adding that companies can electronically generate the ID upon registration.
Furthermore, the agency said that the official list of services and associated fees can be found exclusively on their website at www.cac.gov.ng.
Since 2020, under the Ease Of Doing Business Initiative, the Corporate Affairs Commission (CAC) partnered with the Federal Inland Revenue Service (FIRS) to simultaneously provide Tax Identification Numbers (TIN) with the Certificate of Incorporation.
With this development, companies and business owners can now proceed to open a corporate account upon receiving their Certificate of Incorporation, rather than waiting another week or more for the issuance of Tax Identification Numbers.
This also allows them to easily request loans and credit facilities from financial institutions and dispenses the need to visit the FIRS office.
For the revenue collection agency, the development is set to improve the accuracy of its database of registered businesses operating in the country and can aid it to widen its revenue net.