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The Corporate Affairs Commission (CAC) has refuted allegations suggesting that it is requiring companies to pay for their Tax Identification Number (TIN) in Nigeria.
In a circular issued by the management on Friday, the commission addressed the influx of fraudulent emails targeting directors of newly registered companies, falsely requesting payment for tax IDs.
CAC clarified that Tax IDs are provided free of charge as per the guidelines of the Federal Inland Revenue Service (FIRS). Companies can electronically generate the ID upon registration.
“The Corporate Affairs Commission (CAC) has observed a surge in email correspondence sent to directors of recently incorporated companies, soliciting payment for tax identification numbers (TINs) and other fees. “The Commission wishes to categorically state that such emails do not originate from us. TINs are free and are automatically issued by the Federal Inland Revenue Service upon incorporation, as both agencies have seamlessly integrated the process. “The Federal Inland Revenue Service (FIRS) issues Tax Identification Numbers (TINs) electronically and affixes them instantly on the certificates of relevant business entities upon registration via the Commission’s Company Registration Portal (CRP) at no cost,” the circular explained.
Additionally, the commission emphasized that the official list of services and associated fees is exclusively available on their website at www.cac.gov.ng.
“All services provided by the Commission and their respective fees are detailed on the Commission’s official website at cac.gov.ng. “Any announcements, updates, or notifications regarding the operations of the Commission are also published on the website,” CAC reiterated.
Key Points to Note Since 2020, as part of the Ease of Doing Business Initiative, the Corporate Affairs Commission (CAC) collaborated with the Federal Inland Revenue Service (FIRS) to streamline the issuance of Tax Identification Numbers (TINs) alongside the Certificate of Incorporation.
This initiative enables companies and business owners to promptly open corporate accounts upon receiving their Certificate of Incorporation, eliminating the need for separate TIN application processes.
Moreover, it simplifies the procedure for requesting loans and credit facilities from financial institutions, eliminating the requirement to visit FIRS offices.
For the FIRS, this initiative is poised to enhance the accuracy of its database of registered businesses in Nigeria, facilitating the expansion of its revenue base.
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