Join Taxaide’s Exclusive Knowledge Sharing Session on February 19, 2025

Tax compliance is a crucial aspect of running a successful business in Nigeria. As the Federal Inland Revenue Service (FIRS) intensifies its tax audit efforts, understanding what is expected of businesses has never been more important.

Taxaide is excited to invite you to an insightful Knowledge Sharing Session themed:

📌 “Tax Audit and Expectations of the FIRS”

This session is designed to equip business owners, finance professionals, and tax consultants with essential knowledge about tax audits, ensuring compliance, and avoiding common pitfalls.

Key Event Details

📅 Date: Wednesday, February 19, 2025
⏰ Time: 11:00 AM
📍 Venue: Penthouse, Ark Towers, 17 Ligali Ayorinde Street, Victoria Island, Lagos.
💻 Virtual Participation: https://events.teams.microsoft.com/event/991a3a95-6a6d-4344-a572-eb3333025b72@3707f798-3122-4989-8198-41389637026fJoin via Microsoft Teams

Meet the Speaker

We are honored to have Mr. Oluwemimo, the Head of Tax Audit at the Lagos Island Medium Taxpayers Office, as our guest speaker. With extensive experience in tax compliance, Mr. Oluwemimo will provide valuable insights on:

✔️ Understanding tax audits and how they impact businesses
✔️ Key areas the FIRS focuses on during an audit
✔️ Common mistakes businesses make and how to avoid them
✔️ Strategies for maintaining compliance and avoiding penalties

Why You Should Attend

🔹 Gain expert knowledge on tax audits and compliance
🔹 Learn how to effectively handle FIRS audits
🔹 Network with industry professionals and tax experts
🔹 Get answers to your pressing tax-related questions

How to Register

Participation is free, but registration is required to secure your spot.

👉 Click here to register now: [Kindly click here to register]

For more details, contact us via:
📧 info@taxaide.com.ng
🌍 www.taxaide.com.ng
📱 @taxaide (on all social media platforms)

Don’t miss this opportunity to stay ahead in tax compliance and gain expert insights!

As we usher in the new year, employers across Nigeria are once again faced with the annual obligation of filing the Form H1, the annual tax return for emoluments paid to employees. With the deadline looming, here’s a comprehensive guide to ensure your organization stays compliant and avoids penalties, along with some practical filing tips.

Legal Basis

Under Section 81(2) of the Personal Income Tax (Amendment) Act 2011, every employer must file an annual return detailing all emoluments paid to employees in the previous year. The deadline for this submission is 31 January 2025 for the year 2024. This legal requirement ensures that all income is accounted for and taxed appropriately.

Deadlines and Penalties

• Deadline: All employers must submit their Form H1 by 31st January 2025. Missing this deadline could lead to significant repercussions.
• Penalties: According to Section 81(3) of the Act, failure to comply results in penalties of N50,000 for individuals and N500,000 for corporate bodies. These fines underscore the importance of timely filing to avoid legal complications and financial losses.

Filing Process

The process for filing the annual tax return varies slightly across Nigerian states:

• Electronic Filing: Some State Internal Revenue Services (SIRS), like the Lagos State Internal Revenue Service (LIRS), offer electronic filing options, making the process more accessible and less time-consuming.
• Manual Filing: In other states, manual filing might be required, where physical submission of documents is necessary.

Regardless of the method, here are the key documents and information required:

• Schedule of total emoluments paid to employees in the previous year (2024).
• Schedule of PAYE deductions and remittances made to the SIRS.
• Schedule of withholding taxes remitted in the previous year.
• Schedule of projected emoluments for the current year (2025).

Filing Tips

• Start Early: Begin gathering all necessary data well before the deadline to avoid last-minute rushes.
• Organize Your Data: Ensure all employee records, payroll data, and previous tax filings are well-organized. This reduces errors and speeds up the filing process.
• Use Technology: If electronic filing is an option, leverage software or the SIRS online portal for accuracy and ease. Keep backups of all submissions for your records.
• Review Before Submission: Double-check all entries for accuracy. Mistakes can lead to audits or penalties. If possible, have a second set of eyes review your work.
• Understand Local Variations: Each SIRS might have specific requirements or forms. Visit their official websites or contact them directly to confirm processes specific to your state.
• Keep Documentation: Retain copies of all filed forms and communications with the tax authority. This can be crucial if there are queries or audits in the future.
• Seek Professional Help: If the process seems overwhelming, consider hiring a tax professional. Firms like Taxaide Professional Services Limited can provide guidance tailored to your company’s needs.
• Stay Informed: Tax laws and procedures can change. Subscribe to newsletters, attend webinars, or join forums where updates are shared by tax professionals.

Key Takeaways

• Timely Filing: Ensure you file your returns before the deadline to avoid penalties and start the year on a positive note.
• Accuracy: Double-check all entries and calculations to prevent errors that could lead to audits or further penalties.
• Stay Updated: Different SIRS might update their requirements or procedures; keep abreast with the latest from your local SIRS.

Conclusion

As the deadline approaches, don’t wait until the last minute. File your company’s annual tax returns now to beat the rush, ensure compliance, and avoid potential penalties. Remember, being proactive in your tax obligations not only keeps you legally secure but also sets a good precedent for financial stewardship in your organization.

Beat the 31st of January deadline! Let’s start the year right by fulfilling our tax responsibilities with diligence.

For further information on the foregoing (which is only but a professional advice) or related matters, please contact us at info@taxaide.com.ng, or specifically contact the key person below;

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