It is worthy of note that the hearty cheers and warmth the beginning of a new year brought already seem like a distant memory today. I remember all the new year memes, challenges and posts that were met with fun, laughter and so much enthusiasm. 2020 was our year! It had so much in store. However, like a horror movie, the year seemed to unravel as the weeks went by, starting from the heat waves, the Australian wildfire, Volcanic eruptions and the most devastating of all, the Human Corona Virus (COVID-19) pandemic sweeping through countries with the force of a wildfire and hurricane combined. I am pretty sure we as a people will survive these times and I truly hope that a cure for the COVID-19 is in sight. I’ll like to advice everyone to stay safe, take proper preventive measures and stay at home.
In other news, the ongoing price war between Saudi Arabia and Russia if not curtailed could seriously impact the world economy. Its impact on Nigeria’s economy could be devastating with the possibility of another recession looming.
For the first time in a while, I am writing this editorial from somewhere besides my office desk. I am writing from my reading table at home and this is not because I am on a holiday or just feeling lazy but because Miss Rona has confined me and so many others all over the world to our homes. I first heard the term ‘Miss Rona’ few days ago as is being euphemized in some quarters and for a second, I wondered why it wasn’t called ‘Mr Rona’ or ‘Sir Rona’. In my amazing intern, Oladayo Olukowi’s words, the Corona Virus pandemic is currently sweeping the planet like a wildfire and a hurricane combined and it is scary to say the least. As at 6.55pm Nigerian time today, 26th March, 2020, there are 510,645 total cases and 23,079 total deaths reported worldwide. There have been 122,245 recoveries, however. Whichever way we choose to look at it, the world has been truly humbled by this reality. No one seems to have the answers and we are all united globally in our strong desire to surmount this challenge.
COVID-19 has proven to be more than a disease or global pandemic, it is proving to be the harbinger of an economic crisis of global proportion. Many businesses are being shut or slowed-down and industrial production and retail sales have suffered historical drops. True to its nature, man is fighting back; from controlling the disease, to curing the sick and trying to develop vaccinations against it. In responding to the economic downturns, some countries have designed both fiscal and monetary palliatives in the nature of laws or executive orders. Nigeria is one of such countries; its House of Representatives on Tuesday, March 24, 2020 passed a Bill to cushion the economic effect of the global pandemic. It is styled as “A Bill for an Act to provide for Relief on Corporate Tax Liability, Suspension of Import Duty on Selected Goods and Deferral of Residential Mortgage Obligations to the Federal Mortgage Bank of Nigeria for affixed term to protect jobs and alleviate financial burden on citizens in response to the economic downturn occasioned by the outbreak of COVID-19 disease” (the “Bill”). Our summary of the Bill is set out below.
The Annual
Individual PIT Filing Returns season is upon us and the due date which falls on
March 30, 2020 is fast approaching. This in line with Section 41 of the
Personal Income Tax Act, 2011, Cap P8 LFN 2004 as amended, Which states that a
taxable person shall, without notice or demand, file a return of the income in
the prescribed form and containing the prescribed information with the tax
authority of the State in which they reside, within ninety (90) days from the
commencement of every year.
This detailed piece will keep you informed and guide you on the steps to ensure you stay compliant and avoid the stiff penalties.
What is PIT Filing Returns? PIT Returns details all income earned by taxable persons in the preceding calendar year to the Relevant Tax Authority(ies) (“RTA(s)”) of the state in which the taxable person resides. For the 2020 PIT Filing Season the income earned in the calendar year January 1, 2019 to December 31, 2019 is to be filed with the RTA(s).
Is Filing your PIT Returns the same as Paying your PIT? No, it is not. Filing your PIT Returns involves providing your RTA with all relevant information on your 2019 income, and especially providing all information on the tax reliefs, deductions, exemptions and credits that you are entitled to, including PIT you might have paid.
When is the deadline for Filing the 2019 PIT Returns? Monday, March 30, 2020. This is in line with Section 41(3) of PITA, which states that the taxable person shall file with the RTA within ninety (90) days from the commencement of every year of assessment.
Regularly and thoroughly clean your hands with an alcohol-based hand rub or wash them with soap and water.
Maintain social
distancing
Maintain at least 1 metre (3 feet) distance between yourself and
anyone who is coughing or sneezing.
Practice respiratory
hygiene
Make sure you, and the people around you, follow good respiratory
hygiene. This means covering your mouth and nose with your bent elbow or tissue
when you cough or sneeze. Then dispose of the used tissue immediately.
If you have fever, cough
and difficulty breathing, seek medical care early
Stay home if you feel unwell. If you have a fever, cough and
difficulty breathing, seek medical attention and call in advance.
Stay informed and follow
advice given by your healthcare provider
Stay informed on the latest developments about COVID-19. Follow
advice given by your healthcare provider, your national and local public health
authority or your employer on how to protect yourself and others from COVID-19.
First
things first, the Federal Government of Nigeria (FGN) is a Stakeholder in your
Company’s Operations and at any point in time the FGN would want to ascertain
if she has been receiving the right “cut” from your business operations. So, no
need to fret whenever the FGN comes for an audit in as much as all necessary
documentary evidence(s) are available.
It’s a stale
news to say that Nigeria is currently seeking various means to diversify its
revenue from oil to non-oil source which invariably has given rise to the
increase in tax drive, consequently leading to an increase in the frequency of
tax audits and investigation.
1. What is Tax Audit?
This is a process of
examining a taxpayer’s record and documents in order to ascertain whether such
taxpayer has appropriately assessed, reported and remitted its tax liability
for the relevant year of assessment. Tax audit also seek to ensure that the
taxpayer has fulfilled all other obligations as provided for under the relevant
tax laws.
2. What is Tax Investigation?
Tax investigation can be described as an advancement from tax audit, it entails a more detailed examination by the tax authority in order to recover under charged tax in previous years due to an information/suspicion that the taxpayer might have evaded tax.
Earlier today I read online that 20% of the Antarctic Island’s snow melted during the course of a nine-day heat wave. Now that is some scary news if you ask me. It has been one pretty hot February and it looks as though the situation is not just restricted to Lagos and some states in Nigeria like some think. Climate change is truly upon us and the warnings of researchers and proponents of the conversation over the years are becoming more realistic every day. We can only hope it doesn’t get worse as the days go by. On a lighter mood, memes have been flying all over the place and most are hilarious to say the least; well, it might not take the heat away but at least we get to laugh through the heat.
Personal Income Tax savings option Part 1: Voluntary Pension Contribution (VPC)
As a professional in the tax sector I’ve had quite a number of individuals share their concerns with me about the huge sum being deducted as tax from their monthly pay (Personal Income Tax). In order to address this issue, I thought to write this piece to address some of the issue and proffer solutions to the pressing complaints.
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Integrated with TaxiTPay® to enable seamless disbursement of VAT to the RTA or other VAT collection agent.
Cloud-based Technology: Work from anywhere and anytime.
Notifications & Reminders: Built-in real-time notifications and alert system to help you stay compliant and keep up with your obligations.
Mobile Compatibility: Work from your mobile device.
Instant Data Import: The built-in data import tools make data migration into TaxiTVAT® painless thereby giving you a smooth onboarding experience.
Fraud Control: Checks against fraud and illicit financial transactions with the user-role console to set-up administrators, approvers, and disbursers functions.
Data Security: Highly private, confidential, secure and encrypted data including soft token generation.
User Intelligence Experience: Analytical and interactive dashboard interface displaying a general awareness and overview of when and how vendor payments and tax obligations are met.
With no upfront software costs, you wouldn’t need to break the bank to afford TaxiTVAT®
There’s no software installation hassle and TaxiTVAT® updates automatically.
You can automatically export your TaxiTVAT® information into spreadsheets as the relevant general ledger.
TaxiTVAT® is scalable; it expands as your business grows, allowing you to undertake complex VAT computation, including Input and Output Tax computations.
Taxit Withhold
Direct Disbursement: Sorts out payment to vendors and RTAs and disburses payments directly to their individual bank accounts instantly.
Integrated with TaxiTPay® to enable seamless disbursement of payments to vendors and RTAs.
Automatic Payment Processing: Retains and sorts out all obligations to vendors, computes withholding tax (WHT) and ensures scheduled payments to vendors and RTAs.
Cloud-based Technology: Work from anywhere and anytime.
Notifications & Reminders: Built-in real-time notifications and alert system to help you stay compliant and keep up with your obligations.
Mobile Compatibility: Work from your mobile device.
Instant Data Import: The built-in data import tools make data migration into TaxiTWithhold® painless thereby giving you a smooth onboarding experience.
Fraud Control: Checks against fraud and illicit financial transactions with the user-role console to set-up administrators, approvers, and disbursers functions.
Data Security: Highly private, confidential, secure and encrypted data including soft token generation.
User Intelligence Experience: Analytical and interactive dashboard interface displaying a general awareness and overview of when and how vendor payments and tax obligations are met.
With no upfront software costs, you wouldn’t need to break the bank to afford TaxiTWithhold®
There’s no software installation hassle and TaxiTWithhold® updates automatically.
You can automatically export your TaxiTWithhold® information into spreadsheets as the relevant general ledger.
Information available in formats sufficient for filing monthly WHT Schedules
TaxiTWithhold® is scalable; it expands as your business grows, allowing you to add as many vendors or pay cycles as you like.
Tbook
TBook® allows taxpayers to manage their tax affairs and have access to online real time information about their taxes and other statutory obligations.
Notifications: Built-in real-time notifications and alert system to help you always stay informed of payments made to or on your behalf including receiving your TaxiTPaySlip®.
Ideal for all employees of organizations that use TaxiTPayroll® or persons who receive payments via TaxiTPay®.
Data Security: Highly private, confidential, secure and encrypted data including password access
User Intelligence Experience: Analytical and interactive functions to enable you to generate choice information.
At no cost, TBook® is freely available as long as your smartphone has sufficient data. TBook®’s data usage is very minimal.
There’s no software installation hassle and TBook® updates automatically.
You can automatically export your TBook® information into spreadsheets as your personal ledger.
Information is available in formats sufficient for filing your personal income tax returns.
Taxit Pay
One Stop hub for all payments, tax computations and deductions E-banking is the now the norm. To keep tabs on all tax deductions, organisations need a platform that can help track all transactions and keep track of all tax liabilities reducing the stress of computing a huge block of transaction annually.
Time Sensitive: Tax and related payments made in timely and stress-free fashion
Multi-application: Optimized for making diverse forms of payments and remittances which include net salaries, vendor payments, pensions, and major tax obligations.
Receipting: Integrated instant receipt-generating function that gets you your tax and related receipts straight from the RTAs
Generate employee pay slips (TaxiTPaySlips®) from TaxiTPay®
Integrated with TaxiTPayroll®, TaxiTWithhold®, TaxiTVAT® to allow their users smooth and seamless disbursement of relevant payments.
Cloud-based Technology: Work from anywhere and anytime.
Mobile Compatibility: Work from your mobile device.
Fraud Control: Checks against payment frauds and illicit financial transactions with the user-role console to set-up administrators, approvers, and disbursers functions.
Data Security: Highly private, confidential, secure and encrypted data including soft token generation.
User Intelligence Experience: Analytical and interactive dashboard interface displaying a general awareness and overview of when and how payments are made.
With no upfront software costs, you wouldn’t need to break the bank to afford TaxiTPay®
There’s no software installation hassle and TaxiTPay® updates automatically.
TaxiTPay® is scalable; it expands as your business grows, allowing you to undertake as many payments as you like.
Taxit Payroll
TaxiTPayroll® provides the most robust solution for payroll taxes and tax obligations in Nigeria. TaxiTPayroll® offers an easy to use online application that supports entrepreneurs and small businesses. Accessible 24/7 online, it allows you to grow your business and offers a simple way to get things done.
With no upfront software costs, TaxiTPayroll® won’t break the bank.
There are no software installation hassle and your payroll software updates automatically.
With our smart online payroll solution, your payroll expands and shrinks as your business grows, allowing you to add as many employees or pay cycles as you like.
You can automatically update your payroll general ledger.
Direct Disbursement: Sorts out the remuneration of employees and disburses payments directly to their individual bank accounts instantly.
Automatic Tax Processing: Retains and sorts out all statutory payroll obligations, computes payroll taxes and remits all at once and instant payment to the relevant agencies and agents (RTAs, PFAs, NHF, NSITF, ITF etc.) as payments fall due.
Cloud based Technology: Work from anywhere and anytime.
Notifications & Reminders: Built in real-time notifications and alert system to help you stay compliant and keep up with your payroll obligations.
Mobile Compatibility: Work from your mobile device.
Instant Data Import: The built-in data import tools make data migration into TaxiTPayroll® Painless thereby giving you a smooth onboarding experience.
