It is about time of the year that every employers are required by the Personal Income Tax Act, Cap P8 LFN 2004, as amended to file a return with the relevant tax authority of all emoluments paid to its employees not later than 31st January every year in the preceding year.
Failure on the part of any companies or individuals to file its annual tax returns on or before 31st of January 2019, the erring tax payer shall be subjected to prescribed penalty of N500,000 for corporate bodies, and N50,000 for individuals, upon a conviction.
Documents to be submitted include:
- Printout and soft copy (saved on rewriteable CD as MS Excel) of Employers Annual Declaration and Certificate (Form H1) relating to incomes and PAYE tax paid in the year ended 31st December 2018. The printout is to be stamped and signed by an authorized staff of the company. The schedule should include the payer ID of staff who are existing e-TCC Card holders.
- Schedule of PAYE remittance made in 2018 and revenue receipts evidencing same.
- Evidence of payment of Business Premises and Development Levy.
- Duly completed e-TCC application forms for fresh applicants only, signed by the employees with passport photographs fixed. The company’s stamp must be affixed to the bottom page of the forms.
- Printout and soft copy (saved on rewriteable CD as MS Excel) of projected annual payroll for 2019, stamped and signed by an authorized company personnel.
- Current utility bill of the business (e.g PHCN Bill, Land Use Charge, etc).
- All Management and expatriates staff would be required to complete the statutory Form A as prescribed by section 41 of the Personal Income Tax Act.
The complexity of the above requirements, computation of acceptable tax liability, and proper documentation can be a burden and unnecessary distractions. Expert tax advice is therefore vital in this regards to cover your back and ensure you are not exposed unnecessarily to avoidable taxes.
Our tax team has creative solutions tailored to meet your needs and give you peace of mind to focus on your core business while we deal with the tax challenges on your behalf. Meritview has rich experience in effectively managing the tax aspects of business in various industries. We also handle individual’s tax affairs.
We are a resource to our clients, answering the questions and meeting the needs of people. We assist in developing practical solutions by understanding the roles of business, management, technology, accounting, and finance to help you meet your needs. We can make a difference.
We are a resource to you
Please contact us today to discuss how we can add value and make you stand out from the competition