What IS TCC and when is a company eligible for one?

What IS TCC and when is a company eligible for one?

January 31, 2020

Tax Clearance Certificate (TCC) in Nigeriais a document issued by the FederalInland Revenue Service(FIRS) or States Inland Revenue Service showing that the applicant’s taxes has been filed up to date and that their tax affairsare in order. As such, the applicant can be an individual or a corporate body who has filed its tax. It is safe to say that a Tax Clearance Certificate is a certificate given as evidence that an individual or corporate entity has made up to date remittance of its taxes.

A company is eligible to get a tax clearance certificate as soon as it has been registered by the corporate Affairs Commission. It is advisable for companies to do this within the first six months of incorporation, this is because obtaining Tax Clearance Certificate within the first six months of incorporation is free but subsequently to obtain same will attract a fee.

Additionally, companies that are yet to commence business and do not apply for same until after six months of its incorporation, a pre-operational levy of N25, 000 for the first year and N20, 000 for subsequent years until it commences business is applicable.

It is safe to say that the importance of a Tax Clearance Certificate cannot be over emphasized and getting one timeously is of great importance for companies.

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • What additional documents do I require to file my Annual Returns?
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • Why is mutual assent important in a contract?

    This is one of the key elements of a contract because is shows the meeting of the minds of both parties
  • What will happen if I buy the wrong category of forms with NAFDAC?

    Nothing, the purchased form will be in your account for future use.

     
  • Is it legal to transfer the personal data you obtained legally to another person?

    No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.
  • What is the basic criteria for registering a Design?

    The design must be new and original. This means that it must be a unique design not similar to an already existing design.
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • Why do i need a Shareholders Agreement?

    You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.
  • Does a trademark search automatically reserve my trademark name?

    No, a trademark search does not automatically reserve that which is sought to be trademarked. A search ascertains whether that which is sought to be trademarked is available or violates any existing trademark.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp