The Corporate Affairs Commission has denied the reports that its agency demands payment from companies for their Tax Identification Number.
This was disclosed in a circular signed by the management on Friday via their X handle.
The commission said it identified a bulk of emails that did not come from CAC, targeting directors of newly incorporated companies with requests for payment to acquire tax IDs.
CAC stated that the tax identification number is free of charge according to the Federal Inland Revenue Service’s regulations and that companies are allowed to generate the tax identification number electronically upon registration.
“The attention of the Corporate Affairs Commission has been drawn to an avalanche of email messages sent to directors of newly registered companies requesting them to pay certain fees to obtain a tax identification number (TIN), amongst others.
“The Commission wishes to clearly state that such messages are not from us and that TIN is free and automatically generated from the Federal Inland Revenue Service upon incorporation, as the agencies have fully integrated the service.
“The Federal Inland Revenue Service’s Tax Identification Number is electronically generated and endorsed instantly on the certificates of relevant business entities upon registration with the Commission’s Company Registration Portal (CRP) at no cost,” the circular read.
In addition, the agency said that the official list of services and associated fees is found on their website at www.cac.gov.ng.
“All services of the Commission and fees are as published on the Commission’s website at cac.gov.ng.
“Any notice, information, or update issued to the general public on the operations of the Commission are equally published on the website,” CAC added.
Recall, that CAC had partnered Since 2020 with FIRS under the Ease Of Doing Business Initiative, aimed at simultaneously providing Tax Identification Numbers with the Certificate of Incorporation.
This change makes it possible for companies and entrepreneurs to set up a company account at the time of receipt of their certificate of incorporation, instead of having to wait several weeks or more before they can issue tax identification numbers.
