We have never stopped believing in possibilities since 1960. We have kept our hopes and dreams alive even through the worst adversities. We have fought defeat and stayed friends with victory. Our differences may have been our enemy yet we choose to take it as different identity surviving under one umbrella of unity that will survive for eternity. Many have risen in oppositions to what we stand for, seeking ways to tear us apart but because we were not founded upon personal opinions and emotions but collective aspirations, we have being overcoming like the true champions we are. The Eagle in us will rise no matter the weather or injured feather. Our wings may be burned by the fire of selfish ambitions of others and past wars; we remain resilient to the cause of a better tomorrow. We have dreamt it, we will become it. The freedom that our hero’s past fought for and delivered to us will not be surrendered no matter the terror. As a people we have made through the roughest times but see, we forge ahead.
54 years ago we stood and looked far to see what we could become, now the vision is clearer than the beginning, we can see possibilities, we can see our dreams coming to be in you and me.
HAPPY INDEPENDENCE DAY FROM ALL OF US AT PML ADVISORY…
Every financial service e.g, banks, insurance, stock-broking and others shall or will ensure every taxable person provides tax ID.
Every person that makes or has source of income and is of taxable age must be able to provide the tax ID, it is used to to track the flow of funds and how much the person is able to generate.
The uses of a Tax ID
– Legal and business compliance: A business, company or an organization cannot legally operate a formal business or register (with the CAC in Nigeria) without eventually linking the business name to TIN (Tax Identification Number).
– Filing Obligations: You cannot legally file annual tax returns or pay personal/corporate income tax without a TIN.
– Avoiding Penalties: Operating a business or earning a significant income without a TIN can lead to audits, fines, or legal action for tax evasion.
– Tax Identification Number: It allows the government to uniquely identify taxpayers and link them to their tax records, much like a social security number or a national ID.
– Opening Accounts: Most commercial banks require a TIN to open business accounts and, increasingly, high-tier personal accounts.
– Loans and Credit: Financial institutions use your tax history (linked to your TIN) to verify income and assess creditworthiness. Before securing a mortgage or a business expansion loan is nearly impossible.
– Government Contracts: To bid for government tenders or contracts, a Tax Clearance Certificate (TCC) is usually required, which can only be issued if you have a valid TIN and a clean tax record.
– Import and Export: If you are involved in international trade, a TIN is required to clear goods through customs and obtain necessary shipping licenses.
– Invoicing and VAT: To legally charge and remit Value Added Tax (VAT), a business must be registered with a TIN.
– Asset Registration: In many countries, you cannot register a vehicle, purchase land, or obtain a Certificate of Occupancy without providing a TIN.
– Foreign Exchange: Accessing official foreign exchange markets or transferring large sums of money internationally often requires tax identification for anti-money laundering (AML) compliance.
– Professional Licenses: Many professional bodies require a TIN before issuing or renewing licenses to practice (e.g., in law, accounting, or medicine).
– Social Safety Nets: During crises, governments often distribute subsidies, grants, or relief packages. Having a registered TIN makes you eligible for these formal support systems.
– Refunds: If you overpay your taxes or are eligible for tax credits, the government uses your TIN to process and issue your refund.
