Sequel to recent developments within the Nigeria tax space, LIRS e-tax introduction in particular and the proposed TIN/Payer ID requirement for bank account operations in general, kindly take this mail as an opportunity to key into the enterprise tax administration (e-TAX) by registering as required, to make your tax dealings with the Lagos State Internal Revenue Service (LIRS) seamless and also enable your employees enjoy the benefits associated with voluntary compliance.

Please be reminded of your year-end PAYE obligation with respect to filing annual PAYE returns/Employers declaration – Form H1 to relevant tax authorities by 31 January 2020.
It is important to state that while other State Internal Revenue Service are also putting efforts together to make filing seamless via e-platform, the LIRS is set, based on the various modules on the e-tax. However, it is advisable for taxpayer to get registered and have access thereon prior to the filing due date.

In view of the above fact, we request you to collate the following in preparation for filing thereof:

a. Comprehensive list of your employees based on geographical spread for the period under review.
b. Details of employees showing names; designation; emoluments; PAYE remitted; Development levy; etc. (Per state/location)
c. Detailed list of PAYE remitted on monthly basis (per state).
d. Evidence of payment of business development levy/development levy for personnel.
e. Include employees phone number and BVN in the “b” above for PAYE returns to LIRS.
f. Other relevant information that may be required.

The earlier you start your processing, the better for you. Remember the penalty for failure to comply is N500,000 upon conviction.

In addition, note that the Income Tax (Country By Country) Regulations 2019 require Nigerian tax resident MNEs (Surrogate Parent Entity; Ultimate Parent Entity & Constituent Entity) with consolidated group turnover of N160Billion to file notification to the Federal Inland Revenue Service (FIRS) on the last day of the accounting year-end. For December year-end accounting period, CbCR Notification should be filed not later than 31 December.

It is important to state that you can avoid the huge administrative penalty of N5Million that is associated with failure to notify.

Please note that our team has the competence to provide the relevant support in achieving the above stated tax obligations.
However, feel free to contact any of our team for professional assistance thereof.

We look forward to hearing from you.
Contact us on 08125782220 or email penuelwayassociates@gmail.com for Free consultation