Filing PAYE returns for employers is a routine task, occurring annually in the initial month. According to Section 81 of the Personal Income Tax Act (PITA), employers are obligated to submit yearly returns that encompass the income disbursed to their employees, along with the PAYE deductions remitted to the relevant tax authorities on behalf of the employees in a given assessment year. This article delves into the crucial aspects of the PAYE returns filing process, a prerequisite before filing Personal Income Tax (PIT) returns.
- Understanding PAYE Returns: PAYE Returns meticulously outline all earnings and mandatory deductions for every employee—regardless of their current employment status—spanning from January 1, 2022, to December 31, 2022. Additionally, it encompasses taxes remitted to the Relevant Tax Authority for employees residing within their jurisdiction.
- Penalties for Non-Compliance: Failure to adhere to the PAYE Returns filing requirement by the specified date incurs penalties. Corporate bodies face a penalty of N500,000.00, while individuals are subject to a penalty of N50,000.00. Defaulting on payment may lead to a six-month imprisonment term.
- Deadline for 2022 PAYE Returns: The deadline for submitting the 2022 PAYE Returns is set for Tuesday, January 31, 2023.
- Assistance with PAYE Returns Filing: Employers seeking support in fulfilling PAYE compliance requirements can turn to the Chartered Institute of Taxation of Nigeria (CITN), which boasts over 1,000 chartered or licensed tax practitioners. Among them, Sunmola David and Co. stand out as proficient licensed tax practitioners ready to assist with PAYE compliance.
For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.
