I registered a business name with the CAC in May, 2021. I obtained a JTB TIN for it and opened a bank account with it. Although, the business is yet to operate fully but I’ve been keeping the bank account busy to avoid been frozen. My questions: 1. With this new tax reform rules, do I still need to be registered with FIRS? Remember, the JTB TIN I have is from my State Revenue Board. 2. Is there any penalty for me since I’ve not been filing VAT and PIT all these years? If YES, what’s the possible amount by the end of March, 2026?
