What is a tax reference number?

submitted 6 months ago by accountingbyte to business

A tax reference number, also known as a Taxpayer Identification Number (TIN), is a unique identifier assigned to individuals and businesses for tax purposes. This number is used to track and report income, taxes, and other financial information to the relevant tax authorities. It is an essential requirement for filing tax returns, applying for tax-related benefits, and engaging in various financial transactions. The tax reference number serves as a crucial tool in the efficient administration and compliance of the tax system.