Tag: penalties

  • Activists advocate stiffer penalties for sexual offenders

    Activists advocate stiffer penalties for sexual offenders

    Gender rights activists have called for more severe punishment for sexual offenders to serve as a deterrent to others.

    According to them, there was a high prevalence of domestic and sexual offences, many of which are not reported due to socio-cultural and religious reasons.

    Reducing the menace, they said, would require the collective effort of the government, healthcare providers, educational institutions, faith-based organisations, traditional authorities, the judiciary, civil society groups, the family, youth movements, mass media, and other stakeholders.

    They made the call in a communiqué issued at the end of a summit at the American Corner in Abuja to mark the International Day for the Elimination of Violence Against Women.

    The United Nations set aside every November 25 to raise awareness on the need to eliminate violence against women and to stimulate positive actions towards women emancipation.

    The Gender Advocacy for Justice Initiative (GAJI), Youth for Transparency international, Gyunka New Hope Foundation, Auxano Foundation for Empowerment and Development (AFED) and the Help Keep Clean Foundation were represented at the summit.

    The communique was signed on the groups’ behalf by GAJI’s representative, Miss Janet Gbam, who is the Principal Partner of Fortitude Attorneys.

    The groups said despite the existence of several domestic and international legislations against violence against women and girls, there were still high incidences of abuses.

    They identified a strong link between early/child marriage and domestic violence, as underage girls exposed to early marriage are prone to sexual, emotional and physical abuses.

    The groups expressed optimism that the law enforcement agencies and all relevant authorities/stakeholders would prioritise the elimination of violence against women.

    They urged the Federal and State Ministries of Education to initiate and implement policies to check teachers and lecturers who interact with students (especially females) and to strictly discourage “incongruous conducts”.

    They want schools to be better secured to reduce the exposure of girls to risks of abuse, for girls to be taught self-confidence to make them less vulnerable, and for background checks to be conducted on teachers before employing them, and while in service.

    The groups urged law enforcement agencies, such as the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) and the Police, to step up the prosecution of perpetrators and in sensitising the public.

    “All states in Nigeria should speedily domesticate the Violence Against Persons (Prohibition) Act 2015 in their respective jurisdictions and/or make relevant legislations to that effect, just as Lagos State and some other states have done.

    “Judicial officers should award stiff sentences to offenders to act as a deterrent to others. The media should accord wide publicity to convicted violators of women’s rights and give adequate time to the reporting of such vices, to discourage the crime,” they said.

    The NGOs urged religious and traditional leaders to step up awareness on the consequences of early sexual exposure and to orientate men to take responsibility for protecting the females around them.

    They called for a review of cultures and traditions that discriminate against women, adding that underprivileged females should be financially empowered to make them less vulnerable.

    The National Orientation Agency (NOA), the National Youth Service Corps (NYSC), ministries of women affairs and relevant authorities were urged to create more awareness on existing laws and reporting procedures and to ensure that reported cases are not treated with levity.

  • NERC reviews penalties for electricity theft, others

    NERC reviews penalties for electricity theft, others

    The Nigerian Electricity Regulatory Commission (NERC) has reviewed penalties for electricity theft, meter by-passing and other bad practices.

    The Commission said this would deter people from committing offences such as meter-tampering and theft.

    It said it  had been getting complaints from the power distribution companies (DisCos).

    In a circular titled: “Order on unauthorised access, meter tampering and by-pass” Order Number: NERC/REG/41/2017, jointly signed by the Commission’s Vice Chairman, Sanusi Garba and its Commissioner, Legal, Licensing & Compliance, Dafe C. Akpeneye, the Commission ordered DisCos to disconnect unauthorised distribution networks and impose a fine on the perpetrators.

    NERC added that any customer that tampered with a meter or  bypassed one would pay for the reconnection and other administrative charges.

    “Discos are authorised to back-bill customers who gain unauthorised access to electricity at the prevailing tariff of the customer for the established period of the unauthorised access,” it said.

  • NCRIB President: Insurance penalties, fines killing

    NCRIB President: Insurance penalties, fines killing

    •Bows out next week

    The flurry of penalties and fines being levied on brokers two years ago was killing and disincentive to our business, outgoing President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Kayode Okunoren, has said.

    Okunoren made this known during his Valedictory Press briefing at the NCRIB House, Yaba, Lagos.

    He said the Council, under his tenure, was able to seek concession for members with the regulatory authorities, especially NAICOM and the Financial Reporting Council (FRC) through constructive dialogue.

    He said they have surmounted almost all the obstacles and further positioned the Council on a pedestal of greater respect and reckoning in the comity of other professionals in Nigeria.

    He said: “Although it was not a bed of roses, yet the Council recorded some modest feats in the last two years. We were able to also add value to members. It is a pride for any member to belong to the NCRIB, because of the added value members are getting from the Council. Through this value addition we have been able to douse the negative views and a flurry of ill feelings that were the lot of many members about two years ago. We have given value in terms of training and information sharing, leading to facilitation of business through public bids.

    “We have further the frontiers of relationships with international insurance bodies, especially BIBA and the African Insurance Forum (AIF) with the consequential benefits in form of better training and exposure for members. We have realized that for the industry to continue to be relevant, its members must continually learn and unlearn and have the required exposure to deliver value to their clients.

    “Our image has also been boosted  with our corporate visibility project during the period. We realized the need to inch up the image of brokers and pull down several noxious beliefs about their practice. Today, the corporate visibility project has been warmly received by all members and through it the corporate reputation of the Council and its members have been improved significantly”, he added.

  • Lagos Traffic Law ( violations and penalties )

    As the Lagos State Traffic Court begins sitting on Monday find below a link to the Lagos State Road Traffic Law of 2012 which lists violations and penalties for offenders, including jail terms.
    Click to see full text of Lagos Traffic Law

  • Reps, Fashola seek stiffer penalties for traffic offenders

    Reps, Fashola seek stiffer penalties for traffic offenders

    The House of Representatives may adopt the Lagos model for traffic offences, it was learnt yesterday.

    Following the presentation of the Minister of Power, Works and Housing, Babatunde Fashola, at a public hearing on road safety and driving schools,  the  lawmakers  expressed their readiness to  opt for stiffer penalties for traffic offenders.

    Chairman, House Committee on Road Safety Commission, Yunusa Abubakar, said Nigerians must change their attitude towards road safety.

    He said the bill, sponsored by Adams Jagaba, is proposing a N20,000 fine for driving with one or no headlights and for refusing to use a nearby pedestrian bridge.

    Hawking on the pedestrian bridge and its precincts attracts a fine of N25,000, for violating traffic lights, you pay N60,000, driving on walkway attracts a fine of N50,000, while for hitting a pedestrian at zebra crossing, you pay N50,000.

    Fashola said legislation should be creative and daring with penalties to achieve the objectives of safer roads for Nigerians.

    Saying options of jail and fines ought not to be overemphasised, the ex-Lagos governor proposed that penalties should tilt more towards correction and deterrence.

    “Jail terms and fines do not necessarily serve as a deterrence or correct offenders, Fashola said, adding that they  should be made to suffer some inconvenience, as adopted in Lagos State Traffic Laws.

    “The magistrate can sentence them to community service, such as cutting grass in public, and they will be on video, and can even be on TV.

    “Road users who refuse to use pedestrian bridges where they are available, should be punished as they endanger themselves and others.

    “Penalties seem to focus on custodial and pecuniary which have existed for a while and have not caused a reduction. Perhaps parliament can be a little more daring,” he said.

    For maximum effect, the minister said re-training and re-certification of drivers must be prioritised by the authorities.

    “The reason is simple, where would the FRSC ever get the capacity to do it, maintain a driving school in each local government?

    “An automobile is not a toy, it is a machine, and you must be trained to use it. But we have neglected the training part, now almost anyone can get into a car, shuffle a few things, and get onto the highway.

    “Only people who know how to drive should be behind the wheel,” he said

    Responding, Abubakar said the committee would look into the Lagos model and explore the most suitable option for safer Nigerian roads.

     

  • Stockbrokers seek waivers on forex penalties

    Stockbrokers and dealers at the Nigerian Stock Exchange (NSE) have filed a joint appeal with the Securities and Exchange Commission (SEC), seeking waiver of penalties imposed on the operators for their failure to render weekly report on foreign-exchange transactions over the past four months.

    A reliable market source said the stockbrokers, under the auspices of Association of Stockbroking Houses of Nigeria (ASHON), has started discussion with SEC on waiver of penalties imposed from January 2015 till May 15, this year.

    SEC had imposed penalties on the market operators for failure to comply with rules and guidelines on anti-money laundering reporting. Stockbrokers are expected to report any foreign-originated and foreign-exchange based transactions to capital market authorities.

    A source said the apex capital market regulator might consider the joint appeal in order to encourage group compliance since ASHON has taken on the responsibility of mobilising and sensitising operators on the weekly report.

    SEC had last year granted waivers to public companies on the outstanding penalties over the failure of the affected companies to file their returns to the apex capital market regulators between 2008 and 2013.

    The waivers followed a dialogue between SEC and the Nigeria Employers’ Consultative Association (NECA).  Specifically, SEC granted 100 per cent waiver of all penalties imposed on public companies from 2008 to 2010 and 40 per cent waiver on outstanding penalties from 2011 to 2013.

    The engagement between SEC and NECA was sequel to complaints by companies, which had said they were not aware of the provisions on filing of returns.

    SEC had slammed penalties on the companies that failed to comply with SEC rules on filling requirements as stipulated by the Investment and Securities Act (ISA) 2007.

  • Penalties for late filers, ABC of tax returns (3)

    Penalties for late filers, ABC of tax returns (3)

    As a follow up to last week’s publication, below is a continuation of the article that highlights the requirements for filing returns, due dates and penalties for late filing of returns as it pertains to various tax types.

    Last week’s edition focused on Company Income Tax (CIT), Education Tax (EDT), National Information and Technology Development Levy (NITDL), Estimated Petroleum Profit Tax (PPT), FinalPPT, Personal Income Tax (PIT).

    This week’s edition wraps up the article as it centres on Annual Pay as You Earn (PAYE), Monthly Pay as You Earn(PAYE), Withholding Tax (WHT) and Transfer Pricing (TP).

     

    7. Requirements for filing annual returns of Pay-As-You-Earn (PAYE) (by employers)

    Section 81 (2) of PITA (as amended) and Regulation 10 of the Operation of PAYE Regulations provide that an employer shall render to the relevant tax authority a return on each employee showing total emoluments of each employee during the year, the tax relief, if any, and the total tax deducted from the employee. This is to be done on a Form H1 or such other form as may be approved or prescribed by the relevant tax authority.

     

    Due Date

    Annual PAYE returns should be filed not later than 31st of January in respect of all employees of the employer in the preceding year.

     

    Penalties for late filing of annual returns of PAYE (by employers)

    Section 81 (3) of PITA stipulates a penalty of N500,000.00 for corporate bodies and N50,000.00 for individuals upon conviction.

     

    8. Requirements for filing monthly PAYE returns (by employers)

    The schedule to be attached to the payment and evidence of remittance should contain the following information:

    a) Taxpayer information (employer):

    I.        Taxpayer/agent name and address

    II.      Taxpayer/agent TIN

    III.     Transaction amount

    IV.     Transaction date

    b)Employees’ information:

    i.        Staff TIN

    ii.       Staff name

    iii.      Basic salary

    iv.      Allowances

    v.       Transaction date (DD/MM/YY)

    vi.      Tax amount

    vii.     Period covered

    Due Date

    • Evidence of remittance should be filed not later than 10th of every month

     

    Penalties for late filing of monthly PAYE returns (by employers)

    • Penalty for non-deduction and failure/late remittance under Section 40 of the Federal Inland Revenue Service (Establishment) Act 2007 applies.

    • Upon conviction, the penalty is at 10% per annum of the tax not remitted and interest at the prevailing Central Bank of Nigeria re-discount rate and imprisonment for period of not more than three (3) years.

     

    9. Requirements for filing Withholding Tax (WHT) returns

    Regulation 4 of the Companies Income Tax (rates, etc. of tax deducted at source (WHT)) regulations as well as Regulation 3 of PIT (rates, etc. of tax deducted at source (WHT)) regulations provide that a person who deducts tax from a payment shall, when the payment is credited or paid, whichever is earlier, submit, to the relevant office of FIRS, the evidence of remittance made to the designated bank of the tax deducted. The submission shall be accompanied with a statement containing the following information:

    • The name and address as well as the TIN of the person from whom the tax was deducted.

    • The nature of activity or service in respect of which the payment was made.

    • The gross amount paid or payable.

    • The amount of tax deducted.

    • The period to which the payment relates.

    Similar provisions can be found in Sections 78, 79 & 80 of CITA as well as Sections 69, 70, 71 & 73 of PITA.

     

    Due Date

    Evidence of remittance should be filed not later than thirty (30) days from the date the tax was deducted or the time the duty to deduct the tax arose.

     

    Penalty for late filing of Withholding Tax (WHT) returns

    WHT only has penalties for non-deduction and failure/late remittance of deduction.

    Upon conviction, the penalty is 10% per annum of the tax not remitted and interest at the prevailing Central Bank of Nigeria re-discount rate and imprisonment for period of not more than three (3) years (Section 40 of the Federal Inland Revenue Service (Establishment) Act 2007).

     

    10. Requirements for filing Value Added Tax (VAT) returns

    Section 15 of the VAT Act (VATA) Cap. V1 LFN 2004 (as amended) requires taxable persons to render returns of all taxable goods and services purchased or supplied by him during the preceding month to FIRS.

    The Service has prescribed the use of VAT Form 002 for filing the monthly VAT returns.

     

    Due Date

    Returns should be filed not later than 21st day of the month following that in which the purchase or supply was made.

     

    Penalty for late filing of Value Added Tax (VAT) returns

    Section 35 of VATA stipulates a penalty of N5,000.00 for every month in which the failure to make returns continues.

     

    11. Requirements for filing Transfer Pricing returns

    Regulation 6 of the Income Tax (Transfer Pricing) Regulations No.1, 2012 provide for the filing of Transfer Pricing returns and the documents required to be filed. The provisions under the regulations refer to companies which have relationship with any other company (i.e.) through control, management or ownership.

     

    The following are the content of Transfer Pricing returns:

    • TP Declaration Form (required only in the first year but must be updated should there be material changes in the information provided)

    • TP Disclosure Form (annually whether or not there are controlled transactions)

    • Copy of audited financial statement

    • Copy of Self-Assessment Form

    • Copy of income tax computations (including all relevant schedules)

     

    The taxpayer should write a covering letter for the Transfer Pricing returns; package all the documents into a separate envelope and mark the envelope “TP RETURNS”.

    The package containing the TP returns should be delivered to the tax office (where the taxpayer’s file is resident) along with the annual income tax returns and obtain acknowledgement of submission at the tax office.

     

    Due Date

    Same due date with CIT/PPT returns and must be filed when filing CIT/PPT returns.

     

    Penalty for late filing of Transfer Pricing returns

    Regulation 13 of the Income Tax (Transfer Pricing) Regulations specify same penalty as specified for failure to file CIT/PPT returns.

    v Please note that apart from penalty for late filing of returns, many of these tax types also have separate penalties for late remittance.

     

  • Penalties for late filers, ABC of tax returns (2)

    Penalties for late filers, ABC of tax returns (2)

     

    Penalty for late filing of Final PPT Returns

    • Section 51(1) of the PPTA provides for a penalty of N10,000.00 and N2,000.00 for every day the failure continues.

    6. Requirements for filingPersonal Income Tax (PIT) Returns

    In line with Section 41 of Personal Income Tax Act (PITA) Cap. P8 LFN 2004 (as amended), a taxable person shall, for each year of assessment, file self-assessment return in the prescribed form (Form A in the case of filing with FIRS), with the tax authority of the State in which the taxable person is deemed to be resident. This is together with a true and correct statement in writing containing:

    a)         The amount of income from every source for the preceding year, computed in accordance with the provisions of PITA

    b)         Particulars that may be required under PITA with respect to any such income, allowance, relief, deduction or otherwise as may be material for that purpose i.e. particulars that will serve as proof.

    Due Date

    Returns should be filed within ninety days (90) days from the commencement of every year of assessment i.e. not later than 31st of March.This is in line with Section 41(3) of PITA.

     

    Penalty for late filing of Personal Income Tax (PIT)

    • Section 94(1) of PITA (as amended) stipulates a penalty of N5,000.00 on conviction, plus N100 for every day in which the failure continues. Where the taxpayer default in the payment of the penalty, he shall be liable to imprisonment for six months.

     

    7. Requirements for filing annual returns of Pay as You Earn (PAYE) (By Employers)

    Section 81 (2) of PITA (as amended) and Regulation 10 of the Operation of Pay As You Earn (PAYE) Regulations provide that an employer shall render to the relevant tax authority a return on each employee showing total emoluments of each employee during the year, the tax relief, if any, and the total tax deducted from the employee. This is to be done on a Form H1 or such other form as may be approved or prescribed by the relevant tax authority.

    Due Date

    Annual PAYE Returns should be filed not later than 31st of January in respect of all employees of the employer in the preceding year.

    Penalties for late filing of annual returns of Pay as You Earn (PAYE) (By Employers)

    Section 81 (3) of PITA stipulates a penalty of N500,000.00 for corporate bodies and N50,000.00 for individuals upon conviction.

     

    8. Requirements for filingMonthly PAYE Returns (By Employers)

    The schedule to be attached to the Payment and Evidence of Remittance should contain the following information.

    a) Taxpayer Information (Employer):

    I.           Taxpayer/Agent Name And Address

    II.         Taxpayer/Agent Tin

    III.        Transaction Amount

    IV.        Transaction Date

    b)Employees’ Information:

    i.           Staff TIN

    ii.         Staff Name

    iii.        Basic Salary

    iv.        Allowances

    v.          Transaction Date (DD/MM/YY)

    vi.        Tax Amount

    vii.       Period Covered

    Due Date

    • Evidence of Remittance should be filed not later than 10th of every month

     

    Penalties for late filing of monthly PAYE returns (By Employers)

    • Penalty for non-deduction and failure/late remittance under Section 40 of the Federal Inland Revenue Service (Establishment) Act 2007 applies.

    • Upon conviction, the penalty is at 10% per annum of the tax not remitted and interest at the prevailing Central Bank of Nigeria re-discount rate and imprisonment for period of not more than three (3) years.

    9. Requirements for filingWithholding Tax (WHT) Returns

    Regulation 4 of the Companies Income Tax (Rates, etc. of Tax Deducted at Source (Withholding Tax)) Regulations as well as Regulation 3 of Personal Income Tax (Rates, etc. of Tax Deducted at Source (Withholding Tax)) Regulations provide that a person who deducts tax from a payment shall, when the payment is credited or paid, whichever is earlier, submit, to the relevant office of FIRS, the evidence of remittance made to the designated bank of the tax deducted. The submission shall be accompanied with a statement containing the following information:

    • The name and address as well as the TIN of the person from whom the tax was deducted

    • The nature of activity or service in respect of which the payment was made

    • The gross amount paid or payable

    • The amount of tax deducted

    • The period to which the payment relates

    Similar provisions can be found in Sections 78, 79 & 80 of CITA as well as Sections 69, 70, 71 & 73 of PITA.

     

    Due Date

    Evidence of Remittance should be filed not later than thirty (30) days from the date the tax was deducted or the time the duty to deduct the tax arose.

     

    Penalty for late filing of Withholding Tax (WHT) returns

    WHT only has penalty for non-deduction and failure/late remittance of deduction.

    Upon conviction, the penalty is 10% per annum of the tax not remitted and interest at the prevailing Central Bank of Nigeria re-discount rate and imprisonment for period of not more than three (3) years (Section 40 of the Federal Inland Revenue Service (Establishment) Act 2007).

    10. Requirements for filingValue Added Tax (VAT) returns

    Section 15 of the Value Added Tax Act (VATA) Cap. V1 LFN 2004 (as amended) requires taxable persons to render returns of all taxable goods and services purchased or supplied by him during the preceding month to FIRS.

    The Service has prescribed the use of VAT Form 002 for filing the monthly VAT Returns.

    Due Date

    Returns should be filed not later than 21st day of the month following that in which the purchase or supply was made.

     

    Penalty for late filing of Value Added Tax (VAT) returns

    Section 35 of VATA stipulates a penalty of N5, 000.00 for every month in which the failure to make returns continues.

    11. Requirements for filingTransfer Pricing Returns

    Regulation 6 of the Income Tax (Transfer Pricing) Regulations No.1, 2012 provide for the filing of Transfer Pricing Returns and the documents required to be filed. The provisions under the Regulations refer to companies which have relationship with any other company(ies) through control, management or ownership.

    The following are the content of Transfer Pricing returns:

    • TP Declaration Form (required only in the first year but must be updated should there be material changes in the information provided)

    • TP Disclosure Form (annually whether or not there are controlled transactions)

    • Copy of audited financial statement

    • Copy of Self-Assessment Form

    • Copy of income tax computations (including all relevant schedules)

    The taxpayer should write a covering letter for the TP returns; package all the documents into a separate envelope and mark the envelope “TP RETURNS”.

    The package containing the TP returns should be delivered to the tax office (where the taxpayer’s file is resident) along with the annual income tax returns and obtain acknowledgement of submission at the tax office.

    Due Date

    Same due date with CIT/PPT returns and must be filed when filing CIT/PPT returns.

    Penalty for late filing of Transfer Pricing Returns

    Regulation 13 of the Income Tax (Transfer Pricing) Regulations specify same penalty as specified for failure to file CIT/PPT returns.

    v Please note that apart from penalty for late filing of returns, many of these tax types also have separate penalties for late remittance.

     

  • I won’t stop taking penalties– Igboun

    I won’t stop taking penalties– Igboun

    FC Midtjylland’s 3 – 0 victory over Esbjerg on Sunday night could have been greater if Sylvester Igboun had converted a spot kick in the 65th minute.

    The Nigerian attacker has insisted that the missed opportunity will not discourage him from taking penalty kicks for the Wolves in future games.

    “I felt I did the right thing.  The goalkeeper was gone, but I over-hit my end.

    “If I am allowed, I’ll take penalties again. This means nothing to me.  I am mentally strong enough to kick back,”Sylvester Igboun said to Danish daily, Herning Folkeblad.

    Sylvester Igboun has scored eight goals in the Superliga this season.

  • Penalties for late filers, ABC of tax returns (1)

    Penalties for late filers, ABC of tax returns (1)

    ften times taxpayers have little or no knowledge of the basic requirements for filing their tax returns as well as the consequences for late filing on these returns. Below is a breakdown of the requirements for filing your tax returns, their due dates and penalties for late filing as it applies to various tax types.

    1. Requirements for filing Company‘s Income Tax (CIT)

    In line with Section 55 of the Companies Income Tax Act (CITA) LFN 2004 (as amended), all taxpayers including those granted exemption from tax, are required to file their tax returns to the relevant tax authority every year. The tax returns shall consist of audited accounts (Financial Statement) of the business for the preceding accounting year and must be accompanied by:

    • Income tax computations

    • Capital allowance computations

    • Schedules of fixed assets

    • True and correct statement in writing containing amount of profit from each and every source

    • A duly completed self-assessment form signed by a Director or Company Secretary

    • Evidence of payment (whole or part) of the tax due.

    Tax returns under IFRS shall be in line with Section 55 of CITA and should include:

    i) In respect of first time adopters;

    • Statement of Financial Position as at the beginning of the earliest comparative period when a taxpayer applies an accounting policy retrospectively or makes a retrospective restatement of items in its financial statement

     

    • Statement comparing the tax effect of IFRS adoption with Nigerian Generally Accepted Accounting Principles (GAAP)

     

    • Statement of reconciliations from Nigerian GAAP to IFRS

     

    • Deferred tax computation

     

    ii) In respect of post-first time adoption:

    • Deferred tax computation

     

    Due Dates

    a) For old companies, six (6) months after the end of the company‘s accounting year.

    b) For new companies, eighteen (18) months from the date of incorporation or six (6) months after the end of the company‘s first accounting period whichever is earlier.

    c) A company may request in writing for approval to submit accounts at a later date, in view of any peculiar circumstances, e.g. fire disaster or need to obtain prior approval before submission. This must be specifically approved in writing by the relevant tax authority.

     

    Penalty for late filing of CIT

    • Section 55 (3) a & b of CITA LFN 2004 (as amended) provides for penalty of  N25,000.00 in first month of failure and N5,000.00 for each subsequent month.

     

    2. Requirements for filing Education Tax (EDT)

    Section 2(a) of the TETFUND (Establishment, Etc.) Act 2011 provides that a company shall be assessed on EDT when being assessed on income tax under the CITA/PPTA. EDT should be part of the tax computations when filing company income tax (CIT) or petroleum profit tax (PPT) returns.

    Due Dates

    a) For old companies, six (6) months after the end of the company‘s accounting year.

    b)         For new companies, eighteen (18) months from the date of incorporation or six (6) months after the end of the company‘s first accounting period whichever is earlier.

     

    Penalty for late filing of Education Tax (EDT)

    • The same penalty applicable to late filing of CIT/PPT also covers NITDL.

     

    3. Requirements for filingNational Information and Technology Development Levy (NITDL) (for applicable companies only)

    Section 16 (2) of the NITDA Act, 2007 provides that FIRS while assessing a company for CIT/PPT in accounting period shall also assess such company for NITDL. It should be part of the tax computations when filing returns for CIT/PPT.

    Note: Companies with N100,000,000 turnover and are  engaged in the following business lines are assessable to NITDL:

    • GSM Service Providers and all Telecommunication companies;

    • Cyber Companies and Internet Providers;

    • Pension Managers and Pension related companies;

    • Banks and other Financial Institutions

    • Insurance Companies

     

    Due Dates

    a) For old companies, six (6) months after the end of the company‘s accounting year.

    b) For new companies, eighteen (18) months from the date of incorporation or six (6) months after the end of the company‘s first accounting period whichever is earlier.

     

    Penalty for late filing ofNational Information and Technology Development Levy (NITDL) returns

    • The same penalty applicable to late filing of CIT/PPT also covers NITDL.

    4. Requirements for filing estimated Petroleum Profit Tax (PPT) returns

    In line with Section 30 of the Petroleum Profit Tax Act (PPTA) Cap P13 LFN 2004, every company which or has been engaged in petroleum operations shall for each accounting period of the company, make up accounts of its profits or losses, arising from those operations, of that period and shall prepare the following particulars:

    a) Computation of estimates of adjusted profit/loss and assessable profits.

    b) A schedule showing;

    i. The residence at the end of that period in respect of its assets

    ii. All qualifying petroleum expenditure incurred by it in that period

    iii. The values of any of its assets disposed of in that period

    iv. The allowances due to it for that period

    c) A computation of its estimated chargeable profits for that period

    d) A statement of other sums, deductible under Section 22 of the PPTA

    e) A statement of all amounts repaid, refunded, waived or released to the company, as referred to in Section 20 (5) of the PPTA

    f) A computation of its estimated tax for that period.

    Due Dates

    a) Not later than two (2) months after the commencement of the accounting period of any company engaged in petroleum activities.

     

    b) If at any time during such an accounting period, a company is aware that the estimated tax returns requires revision, it shall submit a further return containing the revised estimated tax for such period.

    This is in line with Section 33 of PPTA.

     

    Penalty for late filing of Estimated Petroleum Profit Tax (PPT) Returns

    • Section 51(1) of the PPTA provides for a penalty of N10,000.00 and N2,000.00 for every day the failure continues.

    5. Requirements for filingFinal PPT Returns

    In line with Section 30 (2) of the PPTA, the same particulars as under Estimated Tax Returns should be filed (not being estimates). Such copy of those accounts and each copy of those particulars shall contain a declaration that they are true and complete and shall be signed by a duly authorized officer of the company or by its liquidator, receiver or agent of such liquidator or receiver.

    Due Date

    Within five (5) months after the expiration of the accounting period of that company.This is in line with Section 30 (2) of PPTA.