How To Get a TIN – and why you should
When it comes to investing, the earlier you start the better. And you can never really be too early. Well, almost never.
There’s a variety of investment options to choose from, but you almost always need to have a TIN (Tax Identification Number).
For adults, you’ll typically need both a TIN and SSS just to open an ordinary savings account. Same goes for their time deposits and UITFs. Online stock brokers are relatively more lax in comparison, but you’ll still need a TIN to open an account with them. Same goes for Mutual Fund companies.
There are other options, but the bottom line is that it’s just harder to invest your money without a TIN. So you really need to get one.
At this point it isn’t about being a good citizen and paying your fair share (although there’s that too). It’s opening up all the good options for you to grow your money and increasing your chances of being wealthy.
Fortunately for a lot of people, this is done automatically by your employer. But for students, some workers, those who’ve never been employed (at least not formally), or OFWs who had not worked in the Philippines before being employed overseas – this is something you should probably attend to.
So how do you get a TIN?
As with all government matters, you fill out a form – either BIR Form 1901 or BIR Form 1902. (You can get them at the nearest BIR RDO or download them from the BIR website)
Most likely it will be BIR Form 1901. (Unless you’re employed but somehow don’t have a TIN from your employer; in which case it might be BIR Form 1902)
You’ll also need to submit an NSO-certified birth certificate.
Depending on your source of income you will also need:
- Company ID or Certificate of Employment (if you filled out form 1902)
- Mayor’s permit and/or Professional Tax Receipt issued by Local Government Unit
After filling out the form submit it to the appropriate BIR Revenue District Office. Appropriate means it’s the one “assigned” to either the place where you live or the place where you work. (Find your BIR RDO here)
If you filled out Form 1902, you’ll also need to have your employer fill out their part of the form.
And as you probably expected, there’s a bunch of fees to be paid; prepare at least Php530.
Is there an easier way?
Yes, sort of. You can apply for your TIN online via BIR’s eRegistration System. It’s roughly the same process but you don’t need to go to the BIR and you can also pay via bank deposit (which can also be done online, assuming you enrolled in online banking).
Burn wrote a detailed guide here. It’s targeted for OFW’s but the process is the same though your answers on the form may be different.
Reference used: http://www.bir.gov.ph/index.php/registration-requirements/primary-registration/application-for-tin.html
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