New Tax ID: FG Directs CBN, Others to Synergise With Joint Tax Board

• New Tax ID: FG Directs CBN, Others to Synergise With Joint Tax Board

The Federal Government has directed the Central Bank of Nigeria, Nigeria Interbank Settlement System, the National Identity Management Commission to cooperate with the Joint Tax Board in the release of relevant individual records.

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

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

Osinbajo 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 said, “(What) 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 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 are the better for your hard work and continuous innovation,” Osinbajo said.