Finance Act 2020 and its impact on employment tax

Finance Act 2020 and its impact on employment tax

The Finance Act, 2020 amends portions of various extant tax provisions, including that of the Personal Income Tax Act (PITA). In this article, we have highlighted some of the major changes to PITA and how these impact payroll taxes with effect from 1 January 2021.

LIRS extends deadline for filing 2020 individual Income Tax Returns (Form A) by two weeks

LIRS extends the deadline for filing 2020 Individual Income Tax Returns (Form A) by two weeks

The Lagos State Internal Revenue Service (LIRS) has issued a public notice (the Notice) informing all taxable individuals resident in Lagos State of a two-week extension of the deadline for filing the 2020 individual income tax returns.

Federal Inland Revenue Service issues notice of compliance monitoring visits to RFIs

Federal Inland Revenue Service issues notice of compliance monitoring visits to RFIs

Following the filing of the first sets of information returns by Nigerian Reporting Financial Institutions (RFIs) in September 2020, the Federal Inland Revenue Service (FIRS) has issued notifications to selected Nigerian RFIs of its intention to carry out compliance monitoring exercise with respect to Nigerian RFIs reporting obligations under the Income Tax (Common Reporting Standard) Regulations, 2019 (the CRS Regulations).

2021 Government of Ghana Budget Statement and Economic Policy

2021 Government of Ghana Budget Statement and Economic Policy

The 2021 Budget Statement is under the theme: “Economic Revitalisation, through Completion, Consolidation and Continuity”.
Given the significant effect of COVID-19 on the Ghanaian economy, like other economies in the world, the Government has reiterated its commitment to support businesses and households through the provision of incentives, interventions and reliefs while implementing policies geared towards enhancing revenue mobilization.

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Building Resilience in Internal Audit: Guiding Principles for Thriving in an Age of Constant Disruptions

With disruptive technologies, dynamic business environments and changing stakeholders’ expectations impacting every aspect of an organisation, Internal Audit (IA) should reassess the manner in which it delivers services.

Taxing digital transactions: What are the immediate and future imperatives?

Taxing digital transactions: What are the immediate and future imperatives?

21st Century businesses in traditional industries have transformed over time, moving from regular “brick and mortar” models to operating in the digital space, focusing on the provision of online services.

Nigerian government resuscitates the National Agency for Science and Engineering Infrastructure levy

Nigerian government resuscitates the National Agency for Science and Engineering Infrastructure levy

The Federal Government of Nigeria recently directed the Minister of Finance, Budget and National Planning (MoF) and Federal Inland Revenue Service (FIRS) to collect and subsequently remit statutory levy due to the National Agency for Science and Engineering Infrastructure (NASENI).

The Anonymous 360-Degree Whistleblower

The Anonymous 360-Degree Whistleblower

Most whistleblowers find themselves on the firing line for turning the spotlight on unethical practices, especially when their identity is given away by the recipients of their reports. Consumed with the fear of victimization and job loss, an employee who could have blown the whistle on an unethical practice may decide to turn a blind eye to such misconduct.

Deadline for filing the 2020 Individual Income Tax Returns (Form A)

Deadline for filing the 2020 Individual Income Tax Returns (Form A)

In accordance with Section 41 of the Personal Income Tax Act (PITA) (as amended), all taxable persons are required to file a return of claims and income from every source (earned and unearned income) for the year preceding the year of assessment, with the relevant tax authority (RTA).

Industrial Training Fund Compliance

2020 Industrial Training Fund Compliance

The Industrial Training Fund (ITF) Act governs the ITF scheme. The Scheme was set up to provide, promote and encourage the acquisition of skills in the industry and commerce.

LIRS extends deadline for filing of annual employers tax returns (Form H1) to 14 February 2021

The Lagos State Internal Revenue Service (LIRS) has issued a Public Notice informing taxpayers of an extension to the deadline for filing the 2020 Employers’ Tax Returns (Form H1). The deadline was extended by two (2) weeks from 31 January 2021 to 14 February 2021.