Monday March 01, 2021 / 9:49 PM / By
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The Industrial Training Fund (ITF) Act governs the ITF scheme (The Scheme). The Scheme was set up to provide, promote and encourage the acquisition of skills in the industry and commerce. It also aims to generate a pool of indigenous trained manpower sufficient to meet the needs of the private and public sectors of the Nigerian economy.
Every employer with 5 or more employees, or an annual turnover of over N50million in respect of each calendar year is required to contribute to the Scheme. The contributory rate is 1% of the employer's annual payroll cost.
The deadline for ITF filing is on or before 1 April of every year, and the penalty for non-compliance is a payment of 5% of the amount unpaid for each month of default. Therefore, 31 March 2021 is the deadline for making remittance for the 2020 financial year.
Employers are reminded of this obligation and the need to ensure that ITF remittance for 2020 is made for their respective organizations on or before the deadline. Deloitte is available to assist you with your 2020 ITF compliance.