First Thoughts

The last time I was in these parts, it was 2019 and I feel elated having the opportunity to do this yet again in a new year. I must specially appreciate every one of you for sticking with us for the last twelve months. Thank you for keeping faith with us. You can rest assured 2020 is going to be a bigger and better year. The TaxaideR returns with Volume 2, Issue 1. Yes, we thought we would switch styles up a little and change the nomenclature. You must have also noticed the new style of our TaxThursday bulletins. Yes, we are cool like that!

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A Brief Review of the Finance Act, 2019: What are the Tax Incentives, does it Benefit my Organization and are they Practicable? – An Opinion from a Tax Enthusiast

Companies Income Tax (CIT) is a tax levied on the profits a company.  It is no longer news that in spite of the strides made in recent years by the relevant tax authorities, tax compliance in Nigeria is still far from the expected performance. Nigeria’s tax-to-GDP ratio is one of the lowest in Africa with an average of 5.6% while the average global tax-to-GDP ratio is about 21% (World Bank, CIA Factbook).

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2019 PAYE Returns Filing – What the Tax Authorities Won’t Tell You

I want to strongly believe that you are very much aware that the PAYE returns filing season is upon us. Well, just in case you are not aware (I seriously doubt that though), PAYE returns filing is an annual ritual of informing relevant tax authorities (“RTAs”) of the total income you paid to your employees and also the total taxes you deducted from their income in a particular year, whether or not those  employees are still in your employment. Where you fail to carry out this ritual, you have to cough out N500,000.00 as penalty, for a corporate entity and N50,000.00, for sole proprietors and enterprises. Quite frightening, right?

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Finance Act, 2019: 15 Implications of the Finance Act, 2019. How does it affect you and your organisation?

On Monday, January 13, 2020, President Buhari signed the Finance Bill, 2019 into Law. What exactly does this mean, you may ask? Well firstly, the Finance Bill, 2019 can now be referred to as the Finance Act, 2019. Is that simply all? No, it is not but I will break down all the important things you need to know below. This article will be in two series please look out for the second part of the series.

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2019 PAYE Returns Filing: 4 Important Facts to Ensure Your Organisation Is Compliant

In line with Section 81 of the Personal Income Tax Act, 2011, Cap P8 LFN 2004 as amended, all employers of labour are required to file their annual tax returns, with the Relevant Tax Authority(ies) (“RTA(s)“) not later than 31st of January every year.

1. What is PAYE Returns?

PAYE Returns basically details all emoluments paid to, and statutory deductions made, on behalf of all employees (whether or not they are still in your employment) in the calendar year January 1, 2019 to December 31, 2019, as well as taxes that were remitted to the RTA(s) in respect of the employees that were resident within their jurisdiction.

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