Rendering of Annual Returns of Your Employee Emoluments

From the team here in Taisha Associates,

This is to draw your attention to the requirement of the law as regards filing of return for 2015 Year of Assessment in accordance with the relevant provisions of the Personal Income Tax Act, as amended.

For clarification, the relevant sections of the Personal Income Tax are highlighted below:

Sections 81

  1. Every employer of Labour shall be required to file a return with the relevant tax authorityof all emoluments paid to his employees, not later than 31st January of every year in respect of all employees in his employment in the preceding year.
  2. Any employer who contravenes the provisions of this section shall be liable on conviction to a penalty of N500,000 in the case of a body corporate, and N50,000 in the case of an individual.

Paragraph 10, Operation of Pay As You Earn(PAYE) Regulations

  1. Not late than thirty days after the end of each year, an employer shall render to relevant tax authority on Form H1 or such other form as the tax authority may approve,or prescribe, a return in respect of each employee showing the total emoluments of each employee during the year, the tax relief if any, and the total tax deducted from the employee.
  2. The return specified above shall be accompanied by a statement and a declaration on Form H1 or any other form approved or prescribed by the relevant tax authority.

In view of the above, we hereby require the documents listed below to assist you prepare Personal Income Tax returns of your employee and submit it to the relevant tax authority, not later than 31st of January, 2016.

  1. Revenue receipt of your PAYE remittance January – December 2015
  2. Evidence of payment of Business Premise for 2015
  3. Evidence of payment of Development Levy 2015
  4. Staff payroll for 2015
  5. Projected Payroll for 2016
  6. Four copies of Company letter headed paper
  7. Staff Designation
  8. Filing of form

Please ensure compliance because there is PENALTY attached to non-compliance.

Thank for the opportunity to serve your organization.

Yours in enhancing your profitability and growth

J. Taiwo Popoola