The Federal Inland Revenue Service (FIRS) has denied reports that Nigerians need a separate Tax Identification Number (TIN) to open or operate bank accounts. According to the FIRS, the TIN is already linked to existing national registries like the National Identification Number (NIN) and Corporate Affairs Commission (CAC) records.
This means individuals don’t need to apply for a TIN separately, as their NIN serves as a unique identifier for tax purposes. Businesses are also covered through their CAC registration numbers.
The FIRS aims to clarify that this integration streamlines tax compliance and eliminates unnecessary bureaucratic hurdles.
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