Business owners in Nigeria will now get CAC certificate with TIN

This will also allow them to easily request loans and credit facilities from financial institutions.

As part of the Ease Of Doing Business Initiative, the Corporate Affairs Commission (CAC) will now work with the Federal Inland Revenue Service (FIRS) to issue Tax Identification Numbers (TIN) along with the Certificate of Incorporation.

This will save companies and small business owners the troubles of applying separately to the FIRS for their Tax Identification Numbers.

This was contained in a statement signed by the Corporate Affairs Commission (CAC) on Monday, June 29.

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.

Last October, the World Bank listed Nigeria among the economies with the most notable improvement in the Ease of Doing Business.

Overall, Nigeria emerged 131 out of 190 countries, up 15 places from 146th position last year, or 56.9 per cent point score. The score was about 3.5 per cent better than 53.4 per cent point score recorded in 2019.

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That will be good

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@Emmanuella_Chineme This is a welcome development.tjank you for the information.

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Its great

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Wow​:star_struck::star_struck: this is a good news. It will encourage many people to legalize their businesses

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Thanks for the information

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Thoughtful initiative.

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Awesome. Thanks for the info.

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Thank you please

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Good development

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great to share with the community.

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Good development.

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Thanks for the information

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This is a good development. Most time it takes a lot of money and stree to get both the CAC and TIN. Making all the process integrated will further enhance efficiency in our system

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Great!! Thank you for sharing this information

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An improvement and growth in the right direction.

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That’s a welcomed development, unlike previously FIRS staff will be demand money from you, asking to go and pay some money even when you have not started the business. Than you for sharing

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Good day, please while reading through the T&C I read that seed will be paid into business account, this brings me to ask if individual awaiting TEF2020/2021 can go ahead with business registration. Howerever, is it business name or incorporated?

Waiting…

Have a nice day.

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Another giant strive in the journey to easy of doing business in Nigeria, Thank you so much @Emmanuella_Chineme for the info. Nigerian Govt Merges CAC, Tax ID registrations

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That’s good news. Thanks for this information.

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