Vice President Yemi Osinbajo has said the new Joint Tax Board 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.
The Vice President said this while flagging of the new national TIN registration system in Abuja on Monday, stating that the initiative is deserving of commendation as it is in line with international best practices.
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.
The Vice President, who commended JTB over the initiative, added that all agencies critical to the optimal 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) have been directed to fully cooperate with the JTB, especially in providing relevant individual records.
Speaking earlier, 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.
He added that the new system offers a range of immense benefits to the taxpayer.
“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,” the JTB Chairman said.
Sir Oseni Elamah, Executive Secretary, JTB explained that the new system is a web-based solution offering access to authorized users to initiate TIN request from the comfort of their homes/offices real-time online, verify their tax status and print their TIN certificate.
“It is a transparent system that assures timely and accurate collection and recording of basic identification data. It also permits the tax administrator to understand its taxpayer base for effective revenue projections and other planning activities,” he said.