Uses and Benefits of Tax Clearance Certificate in Nigeria | Sample Requirements

Company Tax Clearance Certificate: Nigeria Company Formation - Uses and Benefits of Tax Clearance Certificate in Nigeria | Sample Requirements: Tax clearance certificate is issued by the relevant tax authority, that is Federal inland Revenue Service for companies or States Internal Revenue Service for individuals. Tax Clearance certificate shows the tax position of the taxpayer in question.

It is only issued on the application of such a tax payer. To issue it the tax authority must be satisfied that the tax assessed on the income of the tax payer for the 3 years immediately preceding the current year of assessment has been fully paid. It is issued within two weeks of its demand.

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It shall disclose in respect of the three years of assessment:

  1. The name, address and TIN of the taxpayer.
  2. The chargeable income
  3. The tax payable,
  4. The Tax paid,
  5. Nature of business,
  6. Type of assessment (BOJ or self assessment)
  7. Date of issue
  8. The tax authority stamp and officials signature,
  9. Expiry Date.

The law requires that any Ministry, Departments, Agencies, or commercial banks, that deals with a taxpayer in certain transactions must demand for a current/valid Tax clearance certificate.

The Transactions as contained in the tax laws are:

  1. Application for government loan for industry or business,
  2. Registration of motor vehicles,
  3. Application for firearms licence,
  4. Application for foreign exchange,
  5. Application for exchange control permission to remit funds outside Nigeria,
  6. Application for certificate of occupancy,
  7. Application for award of government contracts,
  8. Application for approval of building plans,
  9. Application for trade licence,
  10. Application for transfer of real property,
  11. Application for import or export licences,
  12. Application for agent licence,
  13. Application for pools or gaming licence,
  14. Application for registration of a contractor.,
  15. Application for distributorship,
  16. Confirmation of membership of a government institution board,
  17. Stamping of guarantor’s form for Nigerian Passport,
  18. Application for registration of a company or business name.
  19. Application for allocation of market stalls.,
  20. For election into public office
  21. For contesting political elective positions.

What is a Tax Clearance Certificate? Definition is here

A Tax Clearance Certificate is confirmation from Revenue that an applicant's tax affairs are in order at the date of issue of the certificate. In some instances a certificate may be issued to a customer who has tax arrears provided such arrears are covered by an installment arrangement that has been agreed with Revenue.

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Uses and Benefits of Tax Clearance Certificate in Nigeria | Sample Requirements

  • Tax Clearance Certificate (TCC), Due Dates for Filing Returns
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  • What is tax clearance certificate? definition and meaning
  • Usefulness Of Tax Clearance Certificate in Business Nigeria

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