Tax: CBN rolls out guidelines on e-payment solution
Category: Capital Market
The Central Bank of Nigeria has released a draft guideline for the e-payment of all forms of taxes at all government levels.
In the guideline, the apex bank described e-payment as the ability to collect taxes, levies, duties, fees by government agencies or its authorised agencies electronically, and the ability of government to refund excess tax payments to organisations/businesses or individuals electronically. As part of the objectives, the guidelines set out to define standard requirements for the enthronement of implementation of e-payments by any government agency authorised to collect taxes, levies or other such government dues.
It added that specific benefits to be derived from the adoption of e-payment for tax remittances included reduction in the time and cost involved in making tax payments, easier and more user friendly platform/solution for the payments of tax, ensuring that the right amounts were paid into the coffers of the relevant agency by providing information for assessment as well as facilitating the establishment of a comprehensive national taxpayer database among others.
Giving details on the scope of the guidelines, the apex bank noted that all tax authorities must be able to receive payment of taxes through electronic channels just as the guidelines also covered all bodies concerned with tax payments including, but not limited to tax authorities, Federal Inland Revenue Service, Nigeria Customs Service, State Internal Revenue Services and local revenue committees.
The authorised tax agents are all authorised agents of collection, employers, payment service providers and tax payers. It also includes other regulatory bodies such as the Joint Tax Board as well as government revenue collecting agencies.
The guidelines also said that all tax authorities must be able to receive payment of taxes through electronic channels, provide information on the amount of tax due from the tax payer, deploy e-payment solutions, collect taxes, levies, duties and fees using e-payment solutions, invest in the required technology and regulate and administer the relevant revenue laws.