By Modupe Gbadeyanka
It really is without doubt that the us government has brought the dilemma of taxation extremely serious particularly due to shortfall in profits that always come through the purchase of crude oil.
On 1, 2017, the government commenced a tax amnesty period for Nigerians and businesses to ensure they regularise their tax books before the end of March 2018 july.
Relating to Sage, numerous company supervisors and business owners consider operating the payroll as an easy matterвЂ”what could possibly be difficult about spending your employees the best amount of cash on payday and going for a payslip? Nevertheless the Nigerian regulatory environment is becoming more technical therefore the payroll are at the centre of conformity.
Tax laws are changing and income tax authorities are searching closer at whether companies are fulfilling their responsibilities. They even look for to see in the event that earnings that are right announced and or perhaps a right fees and statutory deductions are incorporated into payroll calculations. It offers become increasingly vital that you make sure that your yearly comes back are filed and submitted quickly and accurately towards the tax that is relevant.
Failing continually to complyвЂ“ whether through deliberate evasion, belated re payment of payroll fees or underpayment due to a miscalculation вЂ“ is just a major company danger.
You will face fines and penalty interest if you make a mistake when calculating statutory deductions such as Pay-as-You-Earn (PAYE), National Housing Fund (NHF), Pension Fund and National Health Insurance Scheme (NHIS.