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As FIRS law demands, all limited liability businesses in Nigeria are to register for company tax TIN (Tax identification number) and VAT (Value Added Tax). To enforce taxation by FIRS, all limited liability businesses bank accounts and money therein, will not be allowed access by their owners after 15th March, 2019 until they register and pay current and arrears of tax based on bank cash transactions over the years, which is huge and devastating for businesses.
In view of these, there are three options for businesses that have limited liability bank accounts:
( i) Register with FIRS for company taxes and VAT, and be prepared to pay arrears of tax calculated by FIRS based on your bank cash transactions over the years.
( ii) On or before 15th March, 2019, to withdraw cash, and pay same into either personal account or enterprise account that is not limited liability businesses; and not by transfer since a transfer will still be traced by FIRS via BVN and be taxed.
(iii) Or engage a tax consultant for your company to be audited for the number of year it operated , how much tax ought to be paid, the tax due to be paid and tax clearance be collected.
Please let our people operating numerous registered limited liability bank accounts be informed to take a step to avoid frustration and embarrassment