The Nigerian government has merged two separate processes of registering a business and getting tax identification numbers into one.
The Corporate Affairs Commission (CAC) announced on Monday, June 29, 2020 that business owners will no longer need to separately obtain tax ID numbers from the Federal Inland Revenue Service (FIRS) after incorporation.
"Certificates of Incorporation of Companies registered under Part A of CAMA will henceforth carry Tax Identification Numbers issued by the Federal Inland Revenue Service (FIRS)," the agency said.
CAC noted that the merger is part of the government's efforts to improve the ease of doing business in the country.
Nigeria was one of the economies listed by the World Bank as having recorded the most notable improvements in the Doing Business 2020 report which compared business regulation in 190 countries.
Nigeria ranked 131 out of 190, and the World Bank said its motivation for reform was in part inspired by the developmental achievements of its neighbors.
"Nigeria made starting a business easier by reducing the time needed to register a company and by improving online platforms," the report read.