The Need For TIN, By Wasiu Babalola

 

The yearning and aspiration of tax payers towards the era of positive change that would rescue them from the burden of multiple taxation has eventually come. This is as a result of the introduction of Tax Identification Number (TIN) for all taxable entities being recently initiated by the Joint Tax Board in collaboration with the Federal Inland Revenue Service (FIRS) and the 36 State of Boards of Internal Revenue Service (SBIRS).

One may therefore ask about the Joint Tax Board and more importantly the responsibility it is saddled with.

The Joint Tax Board is a national body created by the defunct income Tax Management Act of 1961, now the personal income Tax Cap P.8, LFN 2004.

It is saddled with the responsibility of issuing and administrating TINs to all taxable entities in Nigeria among other functions.

Meanwhile, Tax Identification Number by its definition is a 10 digit Identification Number that is unique to each identified taxpayer in Nigeria. It was launched by the President of the Federal Republic of Nigeria on Thursday, 5th of April, 2012 at the Council Chambers in Abuja, along with a harmonised National Tax Policy. On the 8th of May, 2014, Tax Identification Number was signed into law by the then Minister of Finance and coordinating Minister of Economy, Dr. Ngozi Okonjo Iweala. The regulation was subsequently gazetted on the 9th of May, 2014, and fully has the backings of the law.

The aim and objective behind this initiative is to create a National platform for the registration and the allocation of a unique identified number to all tax payers to aid effective tax registration and to automate effectively efficient tax processes.

Tax registration activities for all taxable entities are also germane to the TIN initiative and above all, are to abolish tax errors such as double counting or multiple taxation on taxpayers, hence, the essence of sensitisation.

Meanwhile, the State of Osun, under the leadership of Ogbeni Rauf Aregbesola, having fulfilled its own part of the deal by paying the counterpart fund of N86 million, has set a conducive ground for the smooth running of the registration exercise in term of the procurement of all needed equipment with a free of charge registration for the prospective taxpayers.

However, every taxable entity, be it individual or cooperate organisations is therefore urged to bring along any valid means of Identification like Drivers license, International passport, National identification card e.t.c to register and be captured within the tax net.

To register, such taxable individuals and organisations can visit only the designated Tax Identification Number office under the Osun Internal Revenue Service, Finance Building, Secretariat Complex, Abere, Osogbo.

It is paramount to note that social services regulated by the Federal, State and Local government, such as the provision of pension, driver’s license, bank transactions among other have incorporated Tax Identification Number as a pre-requisite for access to such services, which means that it is unavoidably needed for all taxable individuals and organisation as well.

The earlier we register, the better it aids our daily transaction.

• Babalola is the Information Officer, Osun Internal Revenue Service.