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).
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.
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.
Deadline for filing of annual employers tax returns (Form H1)
The 2020 Employer Tax Returns (Form H1) are due for filing by 31 January 2021. The Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended to date), requires every employer to submit Tax Returns (Form H1) with the relevant State Tax Authorities where its employees are tax resident.
Submission of Annual Year-End (31/12/2020) Network/Subscriber Information
The 2020 Annual Year-End Network/Subscriber information returns are due for submission to the Nigerian Communications Commission (NCC) on 15 January 2021
Finance Act 2020: Key changes and implications
President Muhammed Buhari, on 31 December 2020, signed the Finance Act 2020 (“the Act”) alongside the 2021 Appropriation Act into law. This reaffirms the Federal Government of Nigeria’s commitment to enact fiscal policy annually, alongside the passage of the annual budget into law (i.e. enactment of Appropriation Act) and aligns with global best practice.
The African Continental Free Trade Area: The dawn of a new era
After years of planning, campaigning and negotiating, the time has come for execution. Trading under the agreement establishing the African Continental Free Trade Area (“AfCFTA” or “the Agreement”) has officially commenced.
In what started years ago as a bold and, an unrealistic aspiration, the AfCFTA has morphed into a striking reality. Africa has created a working fifty-four member state1 free trade agreement, the largest since the creation of the one hundred and sixty-four member state World Trade Organisation.
President Buhari signs Nigeria’s 2021 Appropriation Bill (Budget) into law
President Muhammadu Buhari signed the 2021 Appropriation Bill (i.e. the Budget) of the Federal Government of Nigeria (FGN) into law today, Thursday, 31 December 2020. The revised budgeted expenditure is ₦13.59 trillion, 4% (₦505billion) higher than the ₦13.08 trillion budgeted expenditure which the President presented to the National Assembly (NASS) in October 2020.
Federal Government of Nigeria reviews provisional protocol for travellers arriving from the United Kingdom and South Africa
The Federal Government of Nigeria (FGN) has released a revised quarantine protocol (the Protocol) with a special focus on travellers arriving from the United Kingdom and South Africa