Filing PAYE returns for employers is a routine task, occurring annually in the initial month. According to Section 81 of the Personal Income Tax Act (PITA), employers are obligated to submit yearly returns that encompass the income disbursed to their employees, along with the PAYE deductions remitted to the relevant tax authorities on behalf of […]
As the deadline for filing Annual Individual Personal Income Tax (PIT) Returns approaches on March 31, 2023, it is crucial to be well-informed and take the necessary steps to ensure compliance. According to Section 41 of the Personal Income Tax Act, 2011, Cap P8 LFN 2004 as amended, individuals are required to file their returns
6 Key Points to Understand About Personal Income Tax (PIT) Filing. Read More »
In Nigeria, the Personal Income Tax Act (PITA) serves as the primary legislation governing the taxation of individuals, communities, families, trustees, and estates. Within the framework of the PITA, taxes are imposed on the total income of taxable entities, with certain exemptions detailed in the Third Schedule to the PITA, Items One and Two of
TAX RELIEFS OUTLINED IN THE PERSONAL INCOME TAX ACT. Read More »
The Executive Secretary of the Tertiary Education Trust Fund (TETFund), Sonny Echono, has announced a targeted intervention initiative for public tertiary institutions in the year 2024. The disclosure came during an interactive session with the heads of more than 200 beneficiary institutions in Abuja, where Echono sought their input into the draft disbursement guidelines for
The Federal Inland Revenue Service (FIRS) is calling on foreign companies engaged in shipping crude oil from Nigeria to ensure compliance with the country’s tax laws. Zacch Adedeji, Chairman of FIRS, issued this directive during a workshop on the taxation of non-resident shipping companies, organized in collaboration with the Oil Producers Trade Section (OPTS) in
FIRS Urges Compliance: Foreign Shipping Companies Must Adhere to Nigeria’s Tax Laws. Read More »
In an effort to bolster tax revenue in Nigeria, the Federal Government is set to implement rigorous enforcement measures to ensure compliance with existing tax laws. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), revealed the government’s ambitious plan to elevate the tax-to-Gross Domestic Product (GDP) ratio to 18 percent by 2026. Speaking
The Industrial Training Fund Act (ITFA) became effective on October 8, 1971. Its purpose was to establish the Industrial Training Fund (ITF) to promote and encourage skill acquisition in Nigerian industry or commerce. This aimed to create a pool of trained indigenous manpower to meet the economy’s needs. The Act mandated the Council to provide
Understanding and Adapting to the Industrial Training Fund (Amendment) Act 2011. Read More »
The Lagos State Internal Revenue Service (LIRS) has enforced the closure of 34 corporate organizations and 23 establishments in the hospitality sector for their failure to remit Personal Income Taxes of employees and non-remittance of consumption taxes to the Lagos State Government, accumulating a total tax debt of over N356.12 million. In a statement released
The Lagos State Internal Revenue Service (LIRS) has unveiled an advanced approach to collecting Hotel Occupancy and Restaurants Consumption Tax (HORCT) in the region. In a public notice directed at stakeholders in the hospitality sector, including hotel owners, event centers, restaurants, and bars, the Executive Chairman of LIRS, Ayodele Subair, introduced the Eco Fiscal System
Nigeria’s Federal Inland Revenue Service (FIRS) has implemented significant updates to enhance the Value Added Tax (VAT) compliance processes on its ICT-based tax compliance platform known as TaxPro MAX. The revisions impact Sales, Purchases, Sales Adjustments, and the VAT Returns Form. Below are 15 key notes elucidating the changes on the Platform and their implications
15 NOTES ON NIGERIA’S UPDATED VAT E-FILING PLATFORM. Read More »
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