2020 ITF Remittance Must Be Done on or Before March 31, 2021

Proshare

Monday March 01, 202/ 9:49 PM / By Deloitte / Header Image Credit: Bloomberg


Proshare Nigeria Pvt. Ltd.


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.


Proshare Nigeria Pvt. Ltd.


Related News

1.   Nigeria's Finance Act 2020: Insights Series and Sector Analysis

2.  Finance Act, 2020: Impact Analysis

3.  CoA Rules on the Inapplicability of Investment Tax Credit to Production Sharing Contracts

4.  Company Income Taxes Collections Declined in Q4 2020

5.  PwC Executive Roundtable Survey Shows Overwhelming Support for Nigeria's Finance Act 2020

6.  LIRS Extends the Deadline for filing 2020 PAYE Tax Returns

7.  Finance Act 2020: Highlights of Latest Developments in Nigeria's Tax Regime

8.  N295.72bn Generated as Company Income Tax in Q4 2020 - NBS

9.  N454.69bn Generated as Value Added Tax in Q4 2020 - NBS

10.  Finance Act 2020 And Its Impact on Employment Tax


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP