=====================
What EXACTLY is a Tax Clearance Certificate and why do Companies need it?
Perhaps, you are asking.
Well, the idea behind this write-up is to show...
First, a description of Tax Clearance Certificate
A Tax Clearance Certificate (TCC) as it is popularly called, is a written evidence...
It is the responsibility of the F.I.R.S to issue Tax Clearance Certificate after ascertaining...
(Sidenote: This information is for educational purposes only)...
But then it is not as easy as it sounds as there are a couple of intricacies involved before your company can be issued a TCC.
In order for your company to be issued a TCC, first, your company would...
That means your company would have registered with the F.I.R.S as a “Taxpayer” to be issued a TIN.
How Does A Company Register As A Tax Payer?
The whole essence of registering as a tax payer is to show that your company...
It is an obligation as required by law and also a forerunner to the issuance of a TIN (Tax Identification Number).
So, in order to obtain a TIN, the tax payer will provide a...
For a Limited Liability Company, such will register under the Corporate Registration while a Sole Proprietor will perfect his registration for T.I.N under the Individual registration at the F.I.R.S office...
(Sidenote: The F.I.R.S does not issue TCC to Sole Proprietors. L.I.R.S (Lagos Internal Revenue Service) does in the case of Lagos State.)
Please, be clear with that.
To register as a Tax Payer, these are the following documents you'll provide:
2. Certificate of Incorporation (for a Limited Liability Company) or Business Name Registration Certificate (for an enterprise) showing clearly the Registration Number (RC No.) in each case.
3. Documents containing the following...
Address of company, enterprise or business
• Principal location of business
• Date of commencement of business
Once this is done and submitted to the Integrated Tax Office (ITO) in your jurisdiction, you are good to go.
It doesn’t come at any cost from the FIRS to you except for the consultancy fee paid to the tax consultant you engage to help you process it in the event that you are unable to do it yourself.
Part 1 ends here
To be cont'd