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.
2. What is the Penalty If I Fail to File PAYE Returns on Behalf of My Employees?
Failure to comply with the requirement to file PAYE Returns by the due date attracts a penalty of N500,000.00 (Five Hundred Thousand Naira) for corporate bodies and N50,000.00 (Fifty Thousand Naira) for individuals and/or an imprisonment term of six months in the event of default of payment.
3. When is the deadline for Filing PAYE Returns this year?
The deadline for filing PAYE Returns is on Tuesday, 31 January, 2020.
4. Where can I get help with Filing PAYE Returns with the RTA?
The Chartered Institute of Taxation of Nigeria (CITN) currently has in excess of 1,000 chartered or licensed tax practitioners who are able to assist with PAYE compliance requirements. Taxaide®’s Professional Personnel are among such licensed tax practitioners.
For more information on PAYE AND PIT Returns Filing and all tax-related issues, please do not hesitate to contact us at:
Email: payrolldesk@localhost or business@localhost