03 Sep 2018
September 3, 2018

Monthly Tax Compliance

The underlisted compliance are expected from entity operating in Nigeria on Monthly Basis.

1. Pay as you Earn (PAYE).

2. Value Added Tax (VAT)

3. Withholding Tax. (WHT)

PAYE – This is to be deducted from staff salary and paid to relevant Internal Revenue Service where the staff is resident on or before 10th of succeeding month after deduction.

VAT – The difference between Input and output VAT is to be determine, remitted and filed with FIRS not lather than 21st of succeeding month after deduction. Relevant VAT form is to be filled and filed as payment is not enough.

Withholding Tax: This is not a separate tax. It is a method of collecting tax in advance by the government. Entity operating in Nigeria is expected to withheld some percentage from service and good providers before paying invoices. The withheld amount is to be remitted to relevant tax authority not lather than 21 days after deductions.

Timely Compliance is advised to avoid payment of penalties and interest.

Thanks

Leave a Reply

Your email address will not be published.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