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, yesterday, stating that the initiative was deserving of commendation as it was in line with international best practices.
According to him, tax administration must evolve alongside contemporary economic developments.
He said: “The new TIN Registration System leverages on existing data from a variety of authorised 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.”
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; Nigeria Inter-Bank Settlement System, NIBBS, and National Identity Management Commission, NIMC, had been directed to fully cooperate with JTB, especially in providing relevant individual records.
Earlier, JTB Chairman, Mr. Tunde Fowler, said the new the new system would 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.