TIN is a short form of Tax Identification Number and now formally required for almost all business transactions and processes in Ghana.
In one of our articles, we explained how to obtain this TIN online without visiting a GRA office. If you haven't seen it yet click here.
Did you know without this TIN number can actually make you lose billions in case you have an overnight business opportunity. Well base on experience, I was told to get a TIN for someone in other for the person to open a bank account for a job. We got to the GRA office and registered but we were told to go and comeback the next day. Sadly, the person lost the job opportunity. Just like that.
Therefore am going to elaborate on the popular uses of a Tax Identification Number in Ghana.
1. Government workers payment processes.
As for this one, they already know. Before you can completed your payment process form as a public or civil service employee, you must provide your TIN in other for it to be validated. As a result, most training college students who are about to works must haw acquire a TIN.
2. Opening a Bank account.
Without a TIN, forget about opening a bank account in Ghana. I remembered opening an account long ago without a TIN, suddenly lastnyear, I tried for a different account but was declined for a reason a found absurd, no TIN not Account. Well, this requirements seas enforced around 2018. So it is crutial to get a TIN in Ghana.
3. Basic requirement for Ghana Passport.
One of the basic requirements for acquiring a Ghanaian Passport manually is to provide a TIN.Am not sure about the online application process requirement but a space to provide a TIN is also in the online passport application. But what amsure is that during the interview for the passport, you must provide a TIN.
4. For business registration.
To register a business online, a TIN number is a basic requirement and without it, forget about making your business legal in Ghana. In other to be able to trace your taxes, that's why I think it is compolsury to provide it. But did you know you can now register your business online and get your certificate too at your doorsteps;
- For sole proprietor business registration click here
- For Company Limited by private shares click here
- For Company limited by public shares click here
- For Company limited by guarantee click here
5. For goods clearance at the airport and seaport.
Before you can now clear you goods at the airport, you must a TIN. Though this is old school, its now an emphasis to provide it in other to help trace your duty taxes.
6. For Driver's License
Just like a requirement for passport, a TIN must be provided during the registration process for acquiring a Driver's License.
7. Land and vehicle Registration
One of the most crutial transaction in Ghana is land and business registration and the busic document requirement is TIN.
Apart from the few mentioned, TIN number is very important in our business life. To know how to get a TIN online Click here.