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1. The Industrial Training Fund (ITF or the Fund) is a creation of the Industrial Training
Fund Act of 1971, as amended (the Act). It places an obligation on any employer who has a
minimum of 5 employees or an annual turnover of N50million to contribute 1% of its total
annual payroll cost to the Fund.
The Personal Income Tax (PIT) returns filing season is here again. We have set out in this short piece information which we hope will help you in staying PIT compliant in 2019
1. Every person who earned any income in 2018 (described as a Taxable Person) must, without waiting for any notice or demand from his or her relevant tax authority (RTA), file his or her PIT returns in the form prescribed by the RTA not later than March 31st, 2019 (the Period).
Following the Presidential and National Assembly elections of 23rd February 2019, there has been a measure of relief across different quarters. Of course, there have been torrents of reactions and crossfires pouring in from candidates and party stalwarts and faithfuls regarding the outcome of the elections but nonetheless, the general focus has now been narrowed down to the Gubernatorial and States’ House of Assembly elections slated for 9th March 2019.
Below is the list of Elected Senators So far;
SOUTH WEST:
LAGOS
Senator Oluremi Tinubu (Central) –
APC
These Guidelines are issued to provide guidance to all taxpayers, taxpayers’ representatives or advisers, tax officers, all other stakeholders and the general public on the procedure for accessing Mutual Agreement Procedure (MAP) as a means of ……
Following the October 2017 announcement by the Federal Government of Nigeria (“FGN”) of the Road Infrastructure Tax Relief Scheme for the Private Sector (see our Newsletter), the Nigerian President on Friday, 25 January 2019, signed the Executive Order on the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme (the “Order or Scheme”). The Scheme is for a ten (10) year duration that should expire on 24 January 2029.
Mrs Kachi had kept vigil alongside her two daughters, mixing the flour to fry the puff-puff which they intended to take to the polling units in their neighborhood later in the day. The boisterous wails of Mrs Kachi alerted her next-door neighbor, Mrs Hadiza who on hearing about the postponement of the election, remembered her bucket of freshly made kunu. They locked themselves in a warm embrace and erupted in to a raucous rancorous chorus of “I am dead o, Nigeria has killed me o!”. Their beloved country had just put them in debt.
About two weeks ago, a good number of corporate and individual business owners got the shock of their lives when most suddenly, they were served notices on their bank accounts. The accounts had been placed on a freeze on the instruction of the Federal Inland Revenue Service (FIRS) due to the lack of regularization of their tax status or some default on their part. Business owners had funds ranging from hundreds of thousands to millions and even billions stuck in their banks!
It’s good to be back again and the excitement I feel is unprecedented. The truth is, I’ve been excited for weeks now. I can easily trace this to the anticipation of the general elections, so you can imagine my shock when the elections earlier scheduled for 16th February 2019 was ……………
As the need for more efficient tax administration continues to grow, we have started to see bolder attempts by Revenue Services towards automation of tax remittance processes.
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