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Monday, 29 June 2020

Ease of doing business: FG merges CAC, tax ID registrations

Ease of doing business: FG merges CAC, tax ID registrations

Business owners who register their organisations with the Corporate Affairs Commission (CAC) would no longer need to approach the Federal Inland Revenue Service (FIRS) for a tax identification number.

In a statement on Monday, CAC said the processes of registering a business and getting a tax ID have been merged.

This means that certificates of incorporation issued by the CAC 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.

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“This has dispensed with the need for companies to apply for the issuance of tax identification numbers from FIRS after incorporation.”

The Muhammadu Buhari-led administration has been making efforts to improve Nigeria’s ease of doing business and set up the presidential enabling business environment council (PEBEC) to remove bottlenecks in the business environment and attract investments.

At present, the National Agency for Food and Drug Administration and Control (NAFDAC) is offering micro, small and medium scale enterprises a discount to get their products registered.

The 80 percent discount, which began in May, will last for six months.

Between October 2018 and March 2019, MSMEs were offered a N5,000 flat rate to register business names with the Corporate Affairs Commission (CAC).

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