This post might be out of the ordinary but I guess as a CPA I have to explain some points why it is necessary for an individual or a entrepreneur to secure a T.I.N.(Tax Payer Identification Number).
One of our readers ask if he can open an online stock brokerage account without a T.I.N. and advice him to inquire if the T.I.N. can just follow. Unfortunately the online stock brokerage firm do require T.I.N.
What is T.I.N. anyways?
As the name says, it is our B.I.R.’s way of identifying a taxpayer. A person or juridical persons(these are “person” created via law like partnership and corporations) has to secure a T.I.N. in order for B.I.R. to properly assigned what taxes should you be paying based on the sources of your income.
The T.I.N. acts like an I.D. for all taxpayers. In the US the main Identifications use is the SSN(Social Security Number) and Driver’s License number. These two numbers will be needed in one’s day to day transactions since these are highly monitored number by US government agencies.
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Now in the Philippines nearest highly monitored number is T.I.N. because all employers are required to secure each of their new employees who does not have yet a T.I.N. So if you are employed or just got employed, you should have a T.I.N. number already. You might have filled up a B.I.R. form during your orientation process, that form is your T.I.N. application. Ask your Human Resources department if they haven’t given you your number. Once registered they usually give back a temporary T.I.N ID card. You can laminate this piece of paper and it will surely served as one of your I.D.
Below is a sample of a permanent T.I.N. card
Now if you have not been employed yet but you are planning to be a business owner or will be practicing your profession. You can secure your T.I.N. online through the B.I.R.’s website under the EREG
Register online and pay the corresponding registration fee if you are a sole proprietorship or a professional(which I believe is 500 pesos) through AAB(Accredited Agent Banks).