Home Business FG directs central bank, others to synergise with JTB - New tax...

FG directs central bank, others to synergise with JTB – New tax ID

- Advertisement -

The Federal Government has 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.

Vice President Yemi Osinbajo stated this while inaugurating the New National Tax Identification Number (TIN) Registration System on Monday in Abuja.

- Advertisement -

The new tax administration was built around data, adding that without credible and comprehensive data, an efficient tax system would be impossible.

TIN was a vital instrument to uniquely identify, as well as register new taxpayers and bring them into the tax bracket.

The vice president said that TIN gave the managers of the national tax administration systems the capacity to conveniently and efficiently access and connect information from multiple sources.

He added that this formed the basis for projecting future revenues and for making realistic expenditure plans, for governments.

Osinbajo said that the ultimate outcome of TIN was increased revenues for the government at all tiers, to fund investments in infrastructure, social investment, human capital development, and more.

According to him, the new initiative aligns fully with the Federal Government’s strategic objectives as outlined in the Economic Recovery and Growth Plan (ERGP).

“We seek to achieve is really to attract business and more importantly, local business; and it is local business investment that develops the economy the most.

“If it is easy for the local person to do business, it becomes more attractive to the international business to come into the country.

“All of these reforms attract the levels of investment and inflows the Nigerian economy requires for sustainable economic growth.

“In the light of the foregoing, all agencies critical to the optimal success of this initiative, the CBN and NIBBS, National Identity Management Commission (NIMC), are hereby directed by the President to provide the fullest co-operation to the JTB especially in the release of the relevant individual records.

“The JTB, led by its chairman, Mr. Babatunde Fowler, all the partners and stakeholders who have made this possible, deserve our commendation for this giant leap.

“The Nigerian business and economic environment is the better for your hard work and continuous innovation,” Osinbajo said.

On his part, Fowler, who is also the Executive Chairman, Federal Inland Revenue Service (FIRS), said that tax-revenue administration in the 21st century had evolved into a systematic and deliberate process underpinned by availability of reliable data.

He said the new TIN registration system would be reinforcing the laudable efforts of the administration towards building a robust tax-revenue administration system.

Fowler added the new system would also promote a tax-friendly environment and ensure a sustainable and inclusive economy for all Nigerians.

He said that during the first tenure of the administration, there was an expansion of the tax base from N10 million to 20 million taxpayers with a potential for an increase of up to 45 million before the end of the third quarter of 2019.

The executive chairman said there was a growth in the IGR of states by over 46.11 percent from N800.02 billion in 2016 to N1.16 trillion in 2018.

“For the first time in the history of Nigeria, the Federal Government paid all outstanding PAYE tax liabilities owed by the Federal MDAs from 2002.to 2016 totalling about N135 billing to various state governments.

“We hope that this gesture will encourage state governments to also promptly remit all withholding taxes and VAT due to the federation account.

“In the Tax Administration Section of the World Bank Ease of Doing Business Nigeria moved up positively by 25 points during the period and it is expected that the country would further move up the ranking by the time of review for 2019 is published,” Fowler said.

Chairmen of Boards of Internal Revenue from the 36 states of the federation attended the event.

The highlight of the event was the issuance of a tax certificate to the Vice President.

Click Here To Visit The leading Education Platform Click Here To Read Latest News in Nigeria
alltechng
Technology has brought joy to the world and make work simple and easier... We are tech lovers........... A PUBLISHER @ ALL TECH NEWS....................

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

NESG’s dialogue to focus on job creation

The Nigerian Economic Summit Group (NESG) has confirmed that dialogue in national transformation at this year’s economic summit will focus on job creation, youth...

Oil Market – IEA: OPEC deal won’t alter fundamental outlook

The recent decision by oil-producing countries to prolong cuts in output will not fundamentally change the outlook for a market that is heavily oversupplied,...

Contract workers – Labour dialogues with Ecobank

Members of the organized labour under the aegis of the Nigeria Labour Congress (NLC) have entered into dialogue with Ecobank over the Bank’s non-renewal...

Facebook slammed with $5 billion fine

Facebook Inc has been slammed with a hefty $5billion fine by the U.S. Federal Trade Commission following its investigation into the social media company’s...

Investors lose N265 billion as stock market falls further

Investors in the equities market of the Nigerian Stock Exchange saw the value of their investments decline by N265bn on Thursday. After the listing of...