The Federal Capital Territory Inner Income Service (FCT-IRS) has known as on non-public corporations, authorities Ministries, Departments and Businesses (MDAs), and different employers of labour inside the Federal Capital Territory (FCT) to submit their worker annual tax returns for the yr 2024.
The appearing Govt Chairman of FCT-IRS, Mr. Michael Ango, issued the reminder in a press release on Sunday in Abuja.
He emphasised that employers have till January 31, 2025, to adjust to the directive.
In response to the assertion, signed by the Head of Company Communications, Mr Mustapha Sumaila, the returns are to be filed utilizing the kinds prescribed by the FCT-IRS.
“The PITA Act mandates all employers of labour within the FCT to file annual returns of all emoluments paid to their workers and the full taxes of the previous yr, not later than Jan. 31 of yearly,” Mr. Ango defined.
This directive aligns with the provisions of Part 81 of the Private Revenue Tax Act (PITA) 2011 (as amended) and the Pay As You Earn (PAYE) Rules.
Authorized implications for non-compliance
Mr. Ango highlighted the authorized obligation for all employers to submit these returns and warned that failure to conform would entice penalties and different sanctions.
“One of the best type of compliance is voluntary, which the FCT-IRS expects from all taxpayers within the FCT.
I, subsequently, enjoined all non-public organisations, MDAs, government-owned enterprises, together with sole proprietorships who’re employers of labour within the FCT, to adjust to their tax obligations to keep away from sanctions,” he famous.
The appearing chairman emphasised that compliance with tax obligations is vital not solely to keep away from sanctions but additionally to assist the event of the Federal Capital Territory.
He famous that the contributions of taxpayers would bolster the efforts of the FCT Minister, Mr Nyesom Wike, in reworking the territory into a contemporary metropolis.
“Extra importantly, the assist will contribute to the event of the FCT and the efforts of the Minister of FCT, Mr Nyesom Wike, to remodel the territory into a contemporary metropolis,” he added.
What you need to know
The company had additionally issued a mandate for employers inside the FCT to adjust to the provisions of the Private Revenue Tax Act (PITA) relating to the Pay-As-You-Earn (PAYE) tax.
- Employers, together with company our bodies, MDAs, FCTA SDAs, NGOs, and enterprise entities, are required to deduct PAYE taxes from workers’ emoluments and remit them month-to-month to the FCT-IRS by the tenth of the next month.
- Non-compliance attracts a penalty of 10% and curiosity on the prevailing Central Bank of Nigeria charge, presently 26.75%.
The FCT-IRS has clarified that MDAs on the Built-in Payroll and Personnel Info System (IPPIS) should file their returns independently, as IPPIS doesn’t deal with this on their behalf.
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