PAYE ANNUAL RETURNS FILING PENALTY
The 2022 Employer Tax Return (Form H1) is due for filing by 31 January 2023. The Personal Income Tax Act, Cap P8 LFN 2004, as amended to date (PITA) requires every employer to submit its tax returns (Form H1), with the relevant state tax authorities where its employees are resident.
There are peculiarities with the filing process across different states. Many states have adopted the e-filing system for this purpose, while some other states have retained the requirement for the physical submission of relevant documents at their various tax offices.
Form H1 is a declaration of the total emoluments paid to employees in the preceding year. The penalty for non-filing is ₦500,000 in the case of a corporate organization and ₦50,000 in the case of an individual employer.
Employers are advised to carry out annual year-end payroll reconciliations and get familiar with the requirements for each state, ahead of the deadline stated above.
Inner Konsult LTD is available to provide further guidance or any other assistance that may be required by employers of labour in completing this obligation. If you require further clarification or seek to understand how this will impact your business.
Contact us , www.innerkonsult.com WhatsApp’s 234(0)8038460036
Accountancy, Tax, Assurance and CAC professional services.