Different between personal and business tax reference number.

A personal tax number, also known as a personal identification number or taxpayer identification number, is a unique identification number assigned to an individual for tax purposes. It is used to track an individual’s tax obligations and filing activities.

On the other hand, a business tax number, also referred to as an employer identification number (EIN) or tax identification number (TIN), is a unique identification number assigned to businesses by the tax authorities. It is used to track business-related tax obligations, such as filing taxes, hiring employees, and conducting financial transactions.

While a personal tax number is associated with an individual’s personal income and tax liability, a business tax number is specifically linked to a business entity for tax reporting purposes. Each entity, whether an individual or a business, has its own distinct tax number to ensure accurate and efficient taxation processes.