We compute monthly PAYE remittance for our clients and remit according monthly
The President on Tuesday 13th, December 2011, while presenting the 2012 Federal Budget proposal to the joint session of the National Assembly confirmed that the Personal Income Tax (Amendment) Bill has been signed into law. Based on the amendment dated 14th June 2011, which is yet to be gazetted.
Introduction of a consolidated tax free allowance of N200,000 or 1% of gross income, whichever is higher, plus 20% of the gross income. Minimum tax rate 1% of gross income.
The current rates applicable to the chargeable income are as follows:
1st N300,000 @ 7 per cent
Next N300,000 @ 11 per cent
Next N500,000 @ 15 per cent
Next N500,000 @ 19 per cent
Next N1,600,000 @ 21 per cent
Above N3,200,000 @ 24 per cent
The sixth schedule of PITA, 2011 (Amendment), listed the following as tax exempt:
National Housing Fund contributions
National Health Insurance Scheme contributions.
Life Assurance Premium
National Pension Scheme
Company Income Tax (CIT)
- All companies incorporated in Nigeria with the exception of companies engaged in petroleum operations.
- All non-resident (foreign) companies that earn or derive income from Nigeria.
- All organisations limited by guarantee (institutions of public character or charitable organisations) engaged in profit making activities other than the promotion of their primary objects.
- The liquidator, receiver, or agent of liquidator or receiver of any taxable company or organisation.
WE CARRY OUT THE FOLLOWING SERVICES FOR OUR CUSTOMERS;
- Registration of companies with the Federal Inland Revenue Service (FIRS) for CIT purposes.
- Preparation and filing of the company’s annual companies income tax returns with the FIRS
- Processing and obtaining Tax Clearance Certificate(TCC) for the Company
- Liaising with the FIRS to resolve queries and issues relating to CIT if any
- Representing the company at tax audits conducted by the FIRS and other regulatory authorities and resolving issues that may arise therefrom
- Review of corporate tax records to determine extent of compliance with enabling legislation and identify areas of potential exposure
- Provision of advice, based on experience, on the tax implication of new laws, transactions and services.
- Review of corporate tax records to identify possible tax planning opportunities to legitimately determine corporate tax exposure.