FG TO INTRODUCE TIN FOR BUSINESS TRANSACTION BY 2020

Beginning January 31, 2020, Nigerians may not be able to perform transactions on their bank accounts as a consequence of the new Federal Government sponsored Finance Bill 2019.

The Federal Government sponsor Financial Bill 2019 just passed by both Chambers of the National Assembly requiring Tax Identification Number (TIN), by every eligible taxable adult and corporate entity.

The Executive Secretary, Joint Tax Board, Mr Oseni Elamah, gave this indication while leading a delegation of the JTB’s Change Management Sensitization team to the Delta State Board of Internal Revenue, Warri, on Friday.

According to Mr Elamah, The new Tax Identification Number is a ten digit number assigned to “uniquely identify tax payers, individuals and corporate entities, and its objective is to achieve a national consolidated tax payer data base for Nigeria as well as bring more Nigerians into the tax net.”

The JTB Executive Secretary listed the benefits of the new tax payer identification number system to include an increase in revenue to all three tiers of government; reduction of tax evasion; enhancement in the tax administration process amongst other benefits.

Mr Elamah further revealed that all eligible taxable adults are automatically assigned a Tax Identification Number based on their Bank Verification Number (BVN), or National Identity Number (NIN) while corporate entities registered with the Corporate Affairs Commission would also automatically get a TIN.

He, however, advised those concerned to register for their Tax Identification Number by visiting the JTB online platform at: http//tin.jtb.gov.ng; or download the JTB App on Google play store, or IOS App Store.

Mr Paul Itawansa, Director of Operations, Delta State Board of Internal Revenue, received the JTB team and assured of the Board’s cooperation in ensuring the smooth implementation of the Tax Identification Number system in Delta State, stating that it is in line with the Revenue Board’s desire for an improved revenue profile for Delta State.

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