MON, JULY 01 2019-theG&BJournal– Vice President Yemi Osinbajo today in Abuja launched a New National Tax Identification Number (TIN) Registration System that will bring all tax payers, both old and new, into a unified tax bracket.
The new tax system is built around data and according to the Vice presidents, aligns fully with the Federal Government’s strategic objectives as outlined in the Economic Recovery and Growth Plan (ERGP).
‘’TIN gives the managers of the national tax administration systems the capacity to conveniently and efficiently access and connect information from multiple sources,’’ the Vice president said during the event, adding that the ultimate outcome of TIN is to increase revenues for government at all tiers, to fund investments in infrastructure, social investment, human capital development.
The new tax initiatives will form the basis for projecting future revenues and for making realistic expenditure plans for governments.
The Vic President said that what the federal government seeks to achieve is really to attract business and more importantly, local business which is key to the development of the economy.
“If it is easy for the local person to do business, it becomes more attractive to the international business to come in to the country and all of these reforms attract the levels of investment and inflows the Nigerian economy requires for sustainable economic growth.’’
He equally directed the Central Bank of Nigeria (CBN), Nigeria InterBank Settlement System (NIBBS), the National Identity Management Commission (NIMC), to cooperate with the Joint Tax Board (JTB) in the release of relevant individual records which will facilitate the success of the new initiative.
Mr Babatunde Fowler, the Executive Chairman, Federal Inland Revenue Service (FIRS) in his comment said the new TIN registration system would be reinforcing the laudable efforts of the administration towards building a robust tax-revenue administration system and will also promote a tax friendly environment and ensure a sustainable and inclusive economy for all Nigerians.
“We hope that this gesture will encourage state governments to also promptly remit all withholding taxes and VAT due to the federation account.’’ Fowler said.
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