Do you know that your organisation’s compliance with its 2020 Industrial Training Fund (ITF) Contributions as well as notification to ITF of its 2021 Training Budget are the first steps in potentially getting a refund of up to 50% of its 2021 Training Budget? Yes, the Federal Government of Nigeria through ITF, can refund you up to 50% of your approved and expended training budget!
The ITF Act allows an employer successfully apply for up to 50% of its approved and expended training budget if it does the following:
- on or before Wednesday 31st March 2021, submit the following documents to its local ITF office:
a. a copy of its Training Policy;
b. its 2021 Training Plan or Calendar;
c. ITF form 3A (Application for Approval of Learning and Development Personnel); and
d. Appointment letter and curriculum vitae of its dedicated Human Resources (Learning and Development) Personnel;
e. its 2020 Audited Accounts for assessment and remit 1% of its assessed Annual Payroll cost; - 2 weeks before any training, obtain ITF’s approval by submitting details of the training to ITF using Form 4A;
- submit the following to claim reimbursement:
a. ITF TR Form 1 (Summary of Contributing Employer’s Training Reimbursement Claims);
b. ITF TR Form 2 (Areas of Reimbursement Award);
c. the approved Form 3A in (1(c)) above;
d. the approved Form 4A in (2) above; and
e. the cost and expense details of the training
For more enquiries, please contact: payroll@localhost +0700 TAXAIDE; +234 1 631 0971-2; www.taxaide.com.ng/contact).
