Home News GET YOUR TAX IDENTIFICATION NUMBER, ONYEME URGES COMPANIES

GET YOUR TAX IDENTIFICATION NUMBER, ONYEME URGES COMPANIES

by blcknyt1511
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As a consequence of the implementation of the Federal Government’s Finance Act 2019, Companies and other Commercial enterprises operating within the tax jurisdiction of the Delta State Board of Internal Revenue, have been advised to ensure that they acquire their Tax Identification Numbers, which would henceforth be required for all their transactions and correspondences with the State Board of Internal Revenue, and other revenue generating agencies of the State Government.

This position was handed down today in a statement issued in Warri by the Chairman, Delta State Board of Internal Revenue, Sir Monday Onyeme.

According to the Revenue Board Chairman, “In line with the implementation guidelines of the Finance Act 2019 as announced by the Federal Inland Revenue Service, we wish to reiterate government’s position that all companies, enterprises and commercial ventures operating within our tax jurisdiction are expected to provide their tax identification numbers to relevant providers of financial services before the 12th of April,2020, in order to update their existing records for bank accounts opened prior to the coming into effect of the Finance Act 2019.”

It would be recalled that Section 3 of the Finance Act 2019 had substituted the provision of Section 10 of the Companies Income Tax Act (CITA), which provides that :”Every Company shall have a Tax Identification Number,TIN, which shall be displayed by the company on all business transactions with other Companies and Individuals, and on every document, statement, returns, audited accounts, and correspondences with revenue authorities…”.

The Statement further requests all banks operating in the state to ensure that Companies and Commercial entities operating accounts with their banks, provide their Tax Identification Numbers as a precondition for the continued operation of their accounts beyond the stipulated date of 12th April 2020, as stated by the Federal Inland Revenue Service.

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