As we enter the Annual Personal Income Tax (PIT) Returns filing season, it’s important to note the approaching deadline of March 31, 2024, as required by Section 41 of the Personal Income Tax Act, 2011. This guide is designed to provide you with all the necessary information to ensure compliance and avoid potential penalties.
Understanding PIT Returns Filing
This process entails the meticulous documentation of all income accrued in the preceding calendar year, covering the period from January 1, 2023, to December 31, 2023. The filing is directed to the State Internal Revenue Service (SIRS) corresponding to the taxpayer’s residence.
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Avoiding Common Errors in PAYE Returns: Pitfalls and Prevention Tips
Filing Pay-As-You-Earn (PAYE) returns can be a meticulous and intricate process for employers in Nigeria. The accuracy and completeness of these returns are crucial not only for compliance but also to ensure that employees’ taxes are appropriately deducted and remitted. However, errors can occur, leading to potential penalties and complications. Understanding these pitfalls and implementing prevention strategies is essential to streamline the PAYE filing process.
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As an indispensable facet of tax compliance, the Annual Pay-As-You-Earn (PAYE) returns in Nigeria are mandated for every employer. Understanding the intricacies of this filing process is paramount to ensure adherence to tax laws and regulations set forth by the Federal Inland Revenue Service (FIRS) and State Internal Revenue Service (SIRS). This comprehensive guide aims to illuminate the landscape of Annual PAYE Returns, providing essential insights crucial for employers across Nigeria.
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Nigeria’s Federal Inland Revenue Service (FIRS) has updated the Value Added Tax (VAT) compliance processes on its ICT-based tax compliance platform, the TaxPro MAX (the Platform). The updated processes are on Sales, Purchases, Sales Adjustments, and the VAT Returns Form. We provide below, 15 key notes on the changes on the Platform and their implications for your VAT compliance process, going forward:
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The deadline to pay your 2022 training contributions and file your training policy with the office of the Industrial Training Fund (ITF or “the fund”) is fast approaching. Many businesses are exposed to penalties for non-compliance due to the lack of information on the functionality and operations of the ITF. This article provides detailed information on how the fund operates and functions to ensure that your business is fully compliant and, at the same time, reaps the benefits that are available.
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In Nigeria, the Personal Income Tax Act (PITA) is the principal legislation that governs the taxation of individuals, communities, families, trustees, and estates. The PITA imposes a tax on the total income of taxable persons subject to a few exemptions which may be found under the Third Schedule to the PITA (Third Schedule), Items One and Two of the Sixth Schedule to the PITA, or under any other relevant provision of the PITA such as Sections 19 & 20.
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The Annual Individual Personal Income Tax (PIT) Returns filing season is upon us and the due date which falls on March 31, 2023 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.
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Filing of PAYE for employers of labour is a seasonal exercise. It comes in the first month of every year. Employers of labour are mandated by section 81 of the Personal Income Tax Act (PITA) to file annual returns which contains the income paid to their employees, PAYE deducted and remitted to the relevant tax authorities on behalf of the employees in an assessment year. In this piece we would review the PAYE returns filing process as this is what is required first before the PIT filing returns.
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Introduction:
Base Erosion and Profit Shifting (BEPS) actions were developed in the context of the Organisation for Economic Cooperation and Development (OECD) /G20 BEPS Project. The 15 BEPS actions equip governments with domestic and international rules and instruments to address tax avoidance, ensuring that profits are taxed where economic activities generating the profits are performed and where value is created.
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