Wednesday, January
05, 2022 / 06:50 PM / by Wole Obayomi / Header Image Credit: Medium
The annual Employer's Pay-As-You-Earn (PAYE) tax
returns for 2021 is due on 31 January 2022. The Returns, which
show each employees' emolument and taxes paid in the preceding year, are to be
filed with the relevant State Board of Internal Revenue Services (SBIRS) where
the employees were resident (and with the Federal Capital Territory Internal
Revenue Service for employees that were resident in Abuja) in 2021.
Some of the relevant information/ documents required
for the purpose of filing the Returns include:
- Annual payroll of employees, showing the gross income earned and tax paid for
each employee for 2021 tax year.
- Evidence
of PAYE tax remittance to the relevant SBIRS (i.e. copies of the employees'
PAYE tax receipts for the year).
- Duly
completed e-TCC application form (for fresh applicants only), signed by the
employees with passport photographs affixed. The Company's stamp must be
affixed to the bottom page of the forms. A separate schedule should be prepared
for e-TCC renewals. This requirement may however, defer depending on the SBIRS.
- Acknowledged copies of expatriate quota and monthly expatriate immigration returns
submitted to the Nigeria Immigration Service (if applicable).
- Information on the nature of permits used by expatriates for their Nigerian
employment in 2021 tax year (e.g., Temporary Work Permit or Combined Expatriate
Residence Permit and Alien Card).
- A copy of
projected annual payroll for 2022, stamped and signed by an authorized
personnel of the company.
- Evidence
of payment of development levy for all employees for 2021 tax year.
- Business
Premises Levy: evidence of payment of annual renewal levy (or registration fee
for first time payment) for 2021 tax year.
- Current
utility bill of the business (e.g. PHCN Bill, Land Use Charge, etc.).
This requirement may defer depending on the SBIRS.
Please visit the web portals of the relevant SBIRs
that permit e-filing of annual returns to verify the required documents and
make preparations for physical filing at SBIRS offices where e-filing is
unavailable.
Failure by an employer to file the Returns within the
statutory timeline attracts a fine of ₦500,000 and ₦50,000
upon conviction, for corporate entities and individuals, respectively.
Taxpayers are therefore urged to ensure the Returns are filed promptly to avoid
penalties.
Credits
* This
statement was first published in the Issue 1.3/ January 2022 Newsletter of KPMG
of Wednesday January 05, 2022. For further enquiries, please contact the author,
Wole Obayomi via ng-fmtaxenquiries@ng.kpmg.com

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