Ease of doing business: Nigeria Govt merges CAC, Tax ID registrations

Business owners who register their organizations with the Corporate Affairs Commission (CAC) will now get a tax identification number without the need to approach the Federal Inland Revenue Service (FIRS).

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

The statement said: “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.

“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).

These were aimed at removing bottlenecks in the business environment and to 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).

Pmnews