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Home Business News

Alert: FIRS is launching a new Universal TIN that makes it even harder to avoid paying tax

Charles Abuede by Charles Abuede
June 30, 2019
in Business News, Politics
Nigerians may not be paying too much if VAT increases to 7.5%

Executive Chairman of Nigeria's Federal Inland Revenue Service (FIRS), Mr Tunde Fowler speaks during an exclusive interview with Reuters in Abuja, Nigeria, September 21, 2016. Photo taken September 21, 2016. REUTERS/Afolabi Sotunde

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The Chairman of the Joint Tax Board (JTB) and Federal Inland Revenue Service (FIRS), Mr. Babatunde Fowler, has disclosed that the tax agency is set to launch a new Tax Identification Number registration system to boost tax compliance and revenue collection in the country.

  • The Tax Board Chief unveiled this plan while addressing delegates at a high-level gathering convened by the General Assembly of the United Nations, at the weekend in New York.
  • Mr. Fowler explained that the new TIN registration system, which is scheduled to be launched tomorrow by Vice President Osinbajo, will boost tax compliance, bring convenience to the taxpayer.
  • In turn, it will enhance revenue collection. More so, the new JTB TIN number will be universal throughout the country and can be used by taxpayers to pay any type of tax.

Read also: FIRS going after tax defaulters

The new JTB TIN registration system is also expected to reduce the burden of multiple TIN numbers registration from different tax authorities and states. The new system leverages on the biometrics from Bank Verification Number (BVN), tax agencies, the Corporate Affairs Commission (CAC), and the National Identity Management Commission (NIMC).

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Bringing all into one platform, Mr. Fowler further explained.

“The new system is able to generate TIN automatically for newly registered cooperate taxpayers from CAC, verify TIN details and print TIN certificate, using the TIN Verification Portal.

“The system also allows tax officials and taxpayers to initiate TIN registration from the comfort of their homes/offices and at their convenience, as the system also notifies the taxpayer through a robust and secured system-system integration, with transparent and convenient benefits.”

FIRS to boost revenue collection as it launch new TIN system
Babatunde Fowler, Executive Chairman of Nigeria’s Federal Inland Revenue Service (FIRS).

Implementation: Speaking on the next phase of the project after its launch on July 1, the FIRS Chairman stated that it will be deployed to all government agencies across the federation that requires it.

  • He stressed that the system would be used for its specific purpose, as taxpayers information will be in strict confidence.
  • According to the FIRS Chairman, the new initiative is another convenient way to carry out business where a tax clearance certificate is required.

Read also: FIRS to start charging VAT on online transactions

What this means: the FIRS’ efforts to increase revenue collection through the launch of the new TIN system, is expected to help it bridge Nigeria’s growing fiscal deficit. However, it also increases the amount of information tax authorities can have about taxpayers.

  • A universal TIN now means the Federal Government and states can share useful information that can help them catch tax evaders.
  • Whilst they claim, this will help eliminate multiple taxations, it may actually increase as corporations now get increasingly exposed to different tax authorities across the country.
  • This should particularly interest corporations with operations across the country.

Follow us for Breaking News and Market Intelligence.
Tags: Babatunde FowlerFederal Inland Revenue Service FIRSOn the MoneyTax Identification Number
Charles Abuede

Charles Abuede

Charles Abuede is a graduate of Economics and Statistics from the University of Benin. He has worked as a business correspondent at Voidant Wireless Service (Pryde TV) and Entrepreneurs.ng. He is currently a Research Analyst at Nairametrics. You can reach him on Charles.abuede@nairametrics.com or @CharlesAbuede on LinkedIn and @AbuedeCharles on twitter.

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