Nigerian FG orders CBN, others to work with Joint Tax Board on New TIN System

[legendguru]

BOOK INTERNATIONAL FLIGHTS TICKETS LOCAL FLIGHTS HOTELS BOOKINGS WORLDWIDE AND MORE AT CHEAPEST RATE EVER! CLICK HERE TO BOOK YOUR FLIGHT AND RECEIVE YOUR FLIGHT TICKET INSTANTLY

The federal government has directed agencies critical to the success of the new TIN system such as the Central Bank of Nigeria (CBN) and Nigeria Inter-Bank Settlement System (NIBBS) and National Identity Management Commission (NIMC) to cooperate with the Joint Tax Board (JTB) in providing relevant individual records.

Vice President Yemi Osinbajo on Monday said the new JTB Tax Identification Number (TIN) registration system and national taxpayer database will trigger sustainable economic development in line with various strategic initiatives and programmes of the Federal Government.

He spoke while flagging off the new national TIN registration system in Abuja.

According to him, tax administration must evolve alongside contemporary economic developments.

“The new TIN Registration System leverages on existing data from a variety of authorized identity management agencies, and the data from both individuals and corporate bodies are reliable and verifiable.

“Taking advantage of the current trends in information communications technology, it will indeed ensure convenience for the taxpayer, while achieving operational efficiency for the tax administrator, all dovetailing into enhanced revenues for governments at all tiers to fund their respective social-economic drives,” said Osinbajo.

JTB Chairman, Mr. Tunde Fowler, said the new system will add immense value to tax-revenue administration in the country in terms of processes and procedures, as well as efficiency.

According to Fowler, the new system will ensure a coordinated and systematic approach towards managing revenue generation as well as tax information sharing between and among tax authorities within and outside the country.

“The consolidated database, apart from providing a unique identity to the taxpayer, also facilitates ease of compliance.

“It limits the incidence of double taxation and is a prerequisite for a number of transactions such as sale and purchase of immoveable property, registration of vehicles, land application, import and export licence, registration as a contractor and entry visas among others.

“Ultimately, the system promotes the ease of doing business for both individuals and corporate bodies.

“We believe that with the new TIN Registration System, we will be reinforcing the laudable efforts of this administration towards building a robust tax-revenue system, promoting a tax-friendly environment and ensuring a sustainable and inclusive economy for all Nigerians,” Fowler said.