New Tax Laws from 1 January 2020
Everyone in the business community will need to have a TIN |
Everyone who becomes:
needs to apply for a TIN, unless they already have one. |
If you have a CT number, that becomes your TIN |
You don’t have to apply for a TIN as your current CT number will become your TIN.
During 2020 we expect you to change your business practices to adopt your TIN (e.g. tax invoices, receipts) |
You need a TIN if you are a new business or not previously registered for VAT |
You will need to complete the TIN application form.
The application will require you to provide evidence of your identity. |
There are penalties for failing to apply for a TIN |
A person who is required to apply for a TIN but fails to do so is liable for a penalty.
The penalty is VT10,000 for each month that they have not applied - from the date they were required to do so. |
Your TIN should be used in all contacts with Inland Revenue |
A TIN is a unique identifier that can be used for the purposes of all taxes. In broad terms, the issuing of a TIN is the general basis for taxpayer registration. |
For more detail on Tax Identification Numbers refer to Part 2 of the Tax Administration Act no.37 of 2018