September 26, 2020
Economy

Expert Stresses Importance of TIN

Nigerians have been urged to pay their taxes and get the tax identification number, TIN, in order for government to provide necessary social amenities across the country.

Speaking with Radio Nigeria Paramount FM in Abeokuta, the Vice Chairman, Chattered Institute of Taxation of Nigeria, CITN, Ogun State Chapter, Mr Timothy Sorunke said the TIN would allow government to know the total number of tax payers across the country and provide the necessary facilities for the growth of and development of Nigeria.

Mr Sorunke therefore advised the people to obtain their tax identification number as well as their bank verification number, BVN to have easy access to their bank accounts.

Also speaking on the effect of the Financial Act recently signed by President Muhammadu Buhari on Nigerians, the tax expert said the Act was to reduce the burden of taxation on low income earners and to give support for small businesses that are dying.

He further said the Ogun State Government would not tolerate tax violations in the state as penalties were now in place for tax violators.

 Olajumoke Idowu 

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