- July 3, 2019
- Posted by: CHUKWUEMEKA ONWUNALI
- Category: JTB News
The federal Government has flagged off the new JTB TIN Registration System with a directives that all business data generating agencies in the country should furnish the Joint Tax Board (JTB) with all vital information necessary for its activities.
The official flag off was performed by His Excellency, the Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, SAN, GCON on Monday 1st July, 2019 in Abuja.
The New TIN System is a novel initiative of the JTB which presents a consolidated tax database for the entire country. The benefits of the system includes but not limited to:
- It ensures seamless integration with relevant agencies by leveraging on already captured data, thereby reducing the burden of manual data sorting and, by extension, the cost of collection.
- It has universal application that facilitates tax administration
- It harmonizes taxpayers’ data
- It enhances automatic exchange of information among relevant Agencies and Institutions in Nigeria and beyond.
The 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.
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 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 immovable 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.
In his remarks the Executive Secretary of the JTB, Oseni Elamah, 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.