The recognition of your business is necessary when you own one. That’s how you can file payroll forms, complete your tax returns, register a business account in your preferred bank, develop a retirement plan, and other things. Right here, a taxpayer identification number (TIN) plays its role. You will also need your TIN when you want to brand your business.
In this blog, you will discover how many TIN types there are and how you can benefit from them. Keep reading!
What does TIN mean?
You will have to provide a unique set created with an alphanumeric combination to get recognized whenever you interact with any government agency for finance-related tasks such as tax filing. This number is called TIN. The full form of TIN is Tax Identification Number.
The function of TIN Singapore is similar to your bank number. You need an explicitly generated bank number for you, the same way you need a TIN to get identified.
Who assigns TIN in Singapore?
An organization named the Inland Revenue Authority of Singapore provides a Tax reference number to the people based in the country. The companies operating their business in Singapore receive a tax identification number from the Singapore Accounting and Corporate Regulatory Authority.
In Singapore, there are five different types of TIN. Look at them!
SSN (Social Security number): Citizens of Singapore and eligible immigrants are given SSNs. Most people use their SSNs instead of TINs. If a person still needs to possess a Social Security number, the Social Security Administration must first approve their eligibility before they can fill up the SS-5 form.
ITIN (Taxpayer identification number for each individual): The IRS will provide a TIN to people who are not Social Security beneficiaries. Immigrants who are not lawful permanent residents of Singapore are frequently given this number. ITINs are also available to inhabitants who must be qualified for an SSN. It starts with the number nine and is nine digits long.
ATIN (Adoption tax identification number): The IRS issues ATINs to parents adopting children in Singapore. When the child is eligible, ATIN will be substituted by an SSN. Only when the youngster is a resident or a citizen of Singapore may they select the W-7A form to request an ATIN.
PTIN (Preparer tax identification number ): A tax preparer who receives payment to assist a company or individual in filing income tax must also possess a special TIN. They must spend roughly 15 minutes filling up an online form and $30.75 to the IRS to obtain a PTIN. Unlike other TINs, PTIN is eight digits long and starts with the letter P.
EIN (Employee identification number): The IRS issues a collection of digits called an Employer Identification Number (EIN), sometimes known as a Federal Employer Identification Number (FEIN), to identify a corporation. You need to provide your company’s EIN on employee tax forms, such as Forms W-2 and 941.
You will need an EIN if:
- People are working as employees in your company
- Your company is organized as a partnership, a corporation, or an LLC with multiple members.