When is the deadline for Filing the 2019 PAYE Returns? Nigeria requires that VAT returns are filed on a monthly basis on Form 002. The penalty has a maximum period of 12 months. Applicable Law: COMPANY INCOME TAX (AMENDED) ACT, 2007 (‘CITA’). CTRL + SPACE for auto-complete. Applicable law: PERSONAL INCOME TAX (AMENDED) ACT, 2011 (‘PITA’). However, following the one-month extension of the due date of filing CIT returns by the Federal Inland Revenue Service (FIRS), such companies now have till Friday, 31 July 2020 to submit their 2020 year of assessment tax returns and pay their tax liabilities (if any) without any penalties and interest. The penalties for not filing Form 941 on time are as follows. A $250 penalty is given for late filing … Personal Income Tax (PIT), is made up of direct assessment for self-employed enterprises. Relevant Tax Authority: Federal Inland Revenue Service (FIRS) for residents of FCT, and State Board of Internal Revenue for residents of respective states. A tax return is a form used to disclose a taxpayer’s affairs for a definite period and filing in the prescribed format with the relevant tax authority. Also, failure to pay CIT liabilities as and when due attracts a penalty of 10% of the tax due and interest at the prevailing Central Bank of Nigeria Monetary Policy Rate plus a spread of 5%. Penalty for late filing. They are due by the 21st of the month following the reporting period. Offence - Late filing of the Excise Duty return Penalty - 5% of the tax due or Kshs. Penalty for default : N25,000 penalty in the first month of failure to file and N5,000 for each month default continues (section 13 of CITA). Companies may create a tax profile with the FIRS and file their returns electronically once the system becomes fully functional. Period of filing Returns: On or before the 21st day of the following month whether a transaction took place or not. Returns may … This tax is payable for each year of assessment of the profits of any company in Nigeria both foreign and local companies at a rate of 30%. Income tax chargeable on an employee by an assessment whether or not the assessment has been made, shall if the relevant tax authority so directs, be recoverable. Monday, April 5 2021 How to File Your Annual Tax Returns in Nigeria – Associated with this’re How to File Your Annual Tax Returns in Nigeria and Filing Company Income Tax Returns in Nigeria. (Section 15 of VAT Act). Tax rate for the PIT: The minimum tax rate is 1% of gross income. Relevant Tax Authority: Federal Inland Revenue Service for residents of FCT for: And State Board of Internal Revenue Service for respective states. These cookies will be stored in your browser only with your consent. In line with the provisions of the CIT Act, failure to file CIT returns by the due date attracts a late filing penalty of â¦25,000 in the first month and â¦5,000 for every month that the default continues. These cookies do not store any personal information. If You Neither File nor Pay. Rate of tax deduction: The corporate tax rate is 30% in Nigeria (see sections 19, 30 and 33 of CITA). Write CSS OR LESS and hit save. Relevant Tax Authority: Federal Inland Revenue Service (Section 7 VAT Act). The Act also increased the monetary penalty for late filing of tax returns. The most common of these penalties are for late payment of tax or for the failure to file a required return. This tax is payable by every taxpayer in Nigeria on the aggregate amount of his income whether derived from, within or outside Nigeria. LIST PER... 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