The National Bureau of Statistics recently released Q3 2019 reports and I had cause to actually wonder if perhaps we were finally getting something right. The recent border closure and its attendant effects have been met with a lot of reactions from people across all divides in Nigeria. It was a sudden paradigm shift. For once, it was looking like the leadership had finally found the nerve to make certain daring changes and because this wasn’t something we were quite used to, the resulting apprehension was quite understandable in all fairness.
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Taxation, according to the Business Dictionary is defined as “a means by which governments finance their expenditure by imposing charges on citizens and corporate entities”. The term “taxation” is said to however apply to all involuntary levies, from income to capital gains to estate taxes irrespective of whether they are legal or not.
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On July 1, 2019, Nigeria’s Federal Inland Revenue Service (FIRS) made the Income Tax (Common Reporting Standard) Regulations 2019 (the Regulations) to regulate how financial institutions are to report on the accounts maintained by persons that are not tax-resident in Nigeria or the United States of America. In this brief, we itemize 12 things your financial institution should know and do under the Regulations
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Did you know that paying taxes could be made in minutes?
Here’s a guideline on how to remit taxes on TaxiTPay®
- Open a TaxiTPay® Account on www.TaxiTPay.com.ng
- On the dashboard, Click payment. Select Taxes; then select P-A-Y-E
- Fill in the company’s details in the Employee Section and the description section
- Click Browse; select your schedule which should include details such as the name of the employees, their citizenship, gross monthly salary, monthly tax deductible, monthly tax remitted
- Click upload. Your payment goes straight to the Lagos State Internal Revenue Service (LIRS)
How easy was that? And you know the best part; it is absolutely free!
I can’t wait to have your feedback on the process and how you made your tax remittances easily.
N.B: To remit taxes (PAYE) through TaxiTPay, your wallet needs to be funded. This is can be done easily with your debit or credit card.
