Connect with us

Taxation

Annual returns: FCT-IRS insists on January 31st deadline for tax payers

Published

on

Share this story

The Federal Capital Territory- Internal Revenue Service (FCT-IRS) has reminded taxpayers especially employers or agents in the FCT on the need to file their annual returns before the deadline of January 31, 2023 as the Service has no plan for extension.
A statement by the Head, Corporate communications, of the service Mustapha Sumaila warned that the service will not hesitate to apply the laws where necessary to penalise or punish any organisation, employer or agent who fails to meet up and file within the stipulated period as enunciated by law.

This exercise is “In compliance with Section 41 of the Personal Income Tax Act (PITA) 2011 (as amended) provides that all employers of labour in the Federal Capital Territory (FCT) are required to file annual returns of income from All sources for the year ended, (31st December, 2022) on or before the 31st of January 2023 using the prescribed forms i.e Form G and Form H1 respectively.

“Sections 94, 95 and 96 of the Personal Income Tax Act (PITA) stipulate penalties for non-filing, incorrect or false declaration and late submission.

“Copies of the forms (Form G and Form H1) can be obtained from any of the FCT-IRS Tax Offices across the territory or downloaded from the website at https://www.fctirs.gov.ng/downloads”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Taxation

FIRS deploys technology to capture market traders to expand VAT collection

Published

on

By

Share this story

The Federal Inland Revenue Service (FIRS) has rolled out the implementation of the Integrated Market Revenue Management System (IMRMS), a purpose-built digital platform, to capture the informal sector, especially market traders in the federal government’s tax net.

The FIRS is to collaboration with Market Traders Association of Nigeria (MATAN), the umbrella body for all trading associations in Nigeria, to collect and remit Value Added Tax (VAT) from traders in marketplace, using the IMRMS platform.

The collaboration code named as the VAT Direct Initiative (VDI), is part of a deliberate move to expand the government’s tax base.

MATAN which is the largest player in Nigeria’s market space has a membership of over 40 million traders across the country.

Under the arrangement, MATAN is expected to digitally enumerate its members, give them a digital identity and track their turnover so that VAT accrued is collected and remitted to the FIRS.

Through this initiative, the FIRS will help tackle multiple taxation in the marketplace through partnership with security agencies to curb the activities of touts, miscreants and self-imposed tax collectors involved in illegal tax collection in Nigeria’s market spaces.

Speaking at an the official launch of traders enumeration exercise in Abuja, Mr Adebayo Adefeogbe, a director in the FIRS, said the initiative would grant the government coordinated access to almost 70 per cent untaxed revenue in the informal sector.

He said collecting VAT from over 40 million traders would enable the government to provide basic amenities in marketplaces across the country.

Moses Ige, MATAN National Coordinator of Incentives, urged market leaders who were present at the event, to sensitise members of various market associations to ensure that they are captured for the VAT Direct Initiative (VDI).

He listed the benefits of VAT Direct Initiative for registered traders to include health insurance, micro pension, general insurance cover, low-interest and non-collaterised business loans and grants, provision of  provision of social amenities in marketplaces and free legal services.

Ige said, “All the services, including health insurance scheme, enjoyed by those in the public sector will also be extended to those in the informal sector. Registered MATAN members will have access to free medical care.

“Registered traders will also enjoy insurance cover in case of any loss as a result of disasters, have access to loans, and enjoy micro-pension scheme. We are working with the National Pension Commission (PENCOM) to get our members registered for the contributory pension scheme.

“With the VAT Direct Initiative, the government will get more revenue to execute capital projects in markets across the country.

“We are also partnering with Bank of Industry (BOI) to ensure that every small business owners have access to loans.”

Continue Reading

Taxation

JIRS chair accuses revenue collection agencies of sabotaging tax collection in JIgawa

Published

on

By

Share this story

By Ahmed Rufa’i, Dutse

The Jigawa state Internal Revenue Service (JIRS) has accused some revenue generatiing agencies of sabotage in local revenue collection in the state.

The executive chairman of services, Malam Nasir Sabo Idris gave the indication at the launch of Jigawa Enlightenment and Engagement Team (JEET) with the aim of improving revenue generation in the state.

The executive chairman lamented over the lackadaisical attitude of most of the revenue generating agencies in the state towards their mandate of revenue and tax collection.
He also alleged that the little they collected some times are not remitted to the government account.

Malam Nasir Sabo Idris who also observed that the agencies were also not represented at the launching of Jigawa Enlightenment and Engagement Team (JEET), despite timely invitation extended to them

He attributed the continued decline of internally generated revenue in the state to inadequate tax payers enlightenment and engagement in addition to poor commitment by tax and revenue collectors.

According to him with the new strategies applied in modernizing and digitizing tax collection system, the board is targeting to increase the revenue generation by twenty percent in the first quarter of 2024.

The Chairman expressed the optimism that they will increase the state ‘s Internally Generated Revenue (IGR) by sixty percent at the end of next year adding that it will be doubled in the next two years.

According him, the JEET team is aimed at creating more awareness, understanding and cordial relationship between the tax payers and tax collectors in the state with the hope it will block all leakages and tax fraudulent collection.

Malam Idris maintained that the JEET would digitize taxpayers registration as well as enlighten the tax payers about electronic payment to avoid any fraudulent practice.

“Though I’m newly appointed as chairman of the board but we estimated that in 2024 the board would be able to generate N42 billion, and if the leakages are blocked we will double the tax collection by the end of this administration” ,he said.

The chairman identified some duties of the JEET to include tax payers education and enlightenment, registration of tax payers, engagement with stakeholders and Data collection, effective handling of media information among others.

He called on workers union, MDAs and all other stakeholders to cooperate with the team to achieve the desired objectives of moving Jigawa state forward.

Continue Reading

Taxation

FCT-IRS moves to boost revenue by priortising institutional framework

Published

on

By

Share this story

The Acting Executive Chairman of the Federal Capital Territory Internal Revenue Service (FCT-IRS), Mr. Haruna Abdullahi has indicated that the management of the Service has priortised institutional framework as key strategy to boost revenue generation in the territory, steadily.

A statement by the Head Corporate Communications of the service Mustapha Sumaila quoted Abdullahi to have spoken in a key note address on “Accounting for a better world” at the Annual Association of Chartered Certified Accountants (ACCA) Members, Partner Employers and Students Summit 2023 in Abuja.

He explained that what the management of the Service under his leadership has been doing in the last two years was to build a strong and robust system that would outlive them, thereby making processes and procedures of tax administration easier and seamless with a view to enhance tax collections.

“What we have been doing in the last two years is to build the institutional framework to fit into globally recognised institutions that will be a model for not only our counterpart agencies in Nigeria but in Africa.

“We have carried out a number of reforms to reshape the Service to enhance our revenue drive in the FCT. We have stepped up on our awareness campaigns to educate taxpayers on all our processes as well mobilise the prospective taxpayers to be in tax net.

“Our engagement with our major stakeholders has been enhanced overtime as we constantly engage them, update and educate them on decision, direction and introduction of any policy in order to carry them along.

“Capacity building of staff has been an utmost priority for the Service more than ever. We cannot have efficient and committed workforce if the staffers are not well trained to deliver optimally.

“From what we have done so far, in the next few years, there will be visible impact in terms of what the Service will be generating” he stated.

The FCT-IRS boss while speaking to students at the Summit, admonished them on the importance of mentorship when making career choices, as guides from their mentors would go a long way in shaping their career paths.

Abdullahi who is also a Fellow of ACCA underscored the need for mentors and successful persons in their choosen endeavours in the society to identify talents and build them to become great people in their careers.

The FCT-IRS chairman while commending the ACCA for organising the summit, stated that the association had given him global opportunity to work around the world hence urged the participants to tap from this privilege to change their destiny.

Continue Reading

Trending