Businesses and self-employed individuals in Delta State are urged to meet their obligations under the Personal Income Tax Act of 2004, as amended, by submitting their annual tax returns for 2023 before January 31 (employers) and March 31, 2024 (self-employed).
The disclosure was made on Monday in a statement issued by Mr. Solomon Ighrakpata, the Executive Chairman of the Delta State Internal Revenue Service.
The statement, which reminded the affected taxpayers of their obligations under the law, explained that Section 81(2) of the Personal Income Tax Act 2004, as amended, makes it mandatory for all employers of labour to file a return with the relevant tax authority of all emoluments paid to its employees not later than January 31 of every year in respect of all employees in their employment in the preceding year.
The statement read, ‘Taxpayers should note that contravention of this law is liable on conviction to a penalty of N500,000 in the case of a corporate body, or N50,000 in the case of an individual.’
‘As part of measures to simplify the tax administration process in the state, tax administration would be fully automated before the end of the first quarter of 2024.’
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To adhere to this development, he stated that the filing of annual tax returns will be exclusively conducted through online platforms.
Furthermore, the chairman recommended that taxpayers explore their self-service pages or portals on the website, providing comprehensive information on how to access and interact with the revenue service.
According to him, the online submission of annual tax returns should include details on Pay As You Earn, covering payments made from January to December 2023, evidence of directors’ tax payments spanning 2021, 2022, and 2023, as well as copies of receipts for withholding taxes throughout January to December 2023.
Supplementary materials required include proof of payment for Business Premises/Renewal for 2023, evidence of development levy payment in the same year, a copy of the lease agreement, rent receipts for the office space, and projections for the salary payroll in 2024.