Without Tax Identification Number, TIN, beginning 31 January 2020, all taxable adults, including corporate bodies may not be able to perform transactions on their bank accounts as a consequence of the new Federal Government sponsored Finance Bill 2019 just passed by the National Assembly.
The Executive Secretary, Joint Tax Board, Mr. Oseni Elamah, made the revelation 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 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.
Elamah further revealed that all eligible taxable adults will be 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 gave assurance 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.
