When someone uses your company TIN (Tax identification Number) or personal TIN for whatever reasons, you, as the TIN owner, assumes all responsibility relating to those transactions.
For example, allowing to be used as the consignee for a friend’s cargo would mean that at some point, you would have to account to the revenue authorities for your friend’s transactions in form of an income tax return, account for Value Added Tax (VAT) and, sometimes, excise duty, if the trade is excisable.
And because these transactions are mostly sniffed out by the URA and not through our self-declaration, they definitely come with heavy fines, penalties and interest.
Therefore guard your TIN jealously and us it with caution.
