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Step 1: Register for TIN
Every registered business in Nigeria must obtain a Tax Identification Number (TIN) from the Federal Inland Revenue Service (FIRS). This is required for opening corporate bank accounts, filing tax returns, and government contracts.
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Step 2: VAT Registration & Filing
Businesses with annual turnover above ₦25 million must register for VAT at 7.5%. Monthly VAT returns are due by the 21st of the following month. Non-compliance attracts penalties of ₦50,000 for the first month.
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Step 3: Annual Returns
All registered companies must file annual returns with the CAC. Business Names pay ₦4,000 per year, LLCs pay based on share capital. Late filing attracts penalties and can lead to striking off the register.