The Joint Tax Board (JTB) has completed the building of a new Tax Identification Number (TIN) registration system, which is an integration of TIN numbers of various businesses and organisations. It was launched by the Vice President Prof. Yemi Osinbajo on the 1st of July 2019 in Abuja. Present at the programme were the Chairman of JTB Mr. Babatunde Fowler, the secretary of JTB, Mr. Oseni Elamah, Prof. Muritala Awodun, Chairman KW-IRS and other representatives from other State Internal Revenue Services.
The Vice President, Prof. Yemi Osinbajo identified that the introduction of the JTB TIN registration system was deserving commendation as it was in line with international best practices. According to him, tax administration must revolve alongside contemporary economic development. He added that all agencies critical to the optimal success of the new JTB TIN system such as the Central Bank of Nigeria (CBN), Nigeria Inter-Bank Settlement System (NIBSS), and National Identity Management Commission (NIMC), had been directed to fully cooperate with JTB, especially in providing relevant individual records.
The Chairman of JTB revealed that the launch of the new JTB TIN registration system will bring convenience to taxpayers, will increase tax compliance and in turn increase revenue collection at the state level. He also stated that the JTB TIN registration system will be universal throughout the country and can be used by taxpayers to pay any type of tax. He added that the new JTB TIN registration system is also expected to reduce the burden of multiple TIN registration from different tax authorities and states. He stressed on the new system leveraging on the biometrics from Bank Verification Number (BVN), tax agencies, the Corporate Affairs Commission (CAC), and the National Identity Management Commission (NIMC). He stressed that the system would be used for its specific purpose, as taxpayers information will be in strict confidence.
Mr. Fowler explained that, “The new system is able to generate TIN automatically for newly registered cooperate taxpayers from CAC, verify TIN details and print TIN certificate, using the TIN Verification Portal.
“The system also allows tax officials and taxpayers to initiate TIN registration from the comfort of their homes/offices and at their convenience, as the system also notifies the taxpayer through a robust and secured system to system integration, with transparent and convenient benefits.” He added.
Mr. Babatunde Fowler indicated that it will be deployed to all government agencies across the federation that require it. According to him, the new initiative is another convenient way to carry out business where a tax clearance certificate is required. The launch of the JTB TIN registration system shows the FIRS’ efforts to increase revenue collection, and it is expected to help it bridge Nigeria’s growing fiscal deficit. However, it also increases the amount of information tax authorities can have about taxpayers. A universal TIN now means the Federal Government and States can share useful information that can help them detect and arrest tax evaders.