Tax: Filing Of Annual Returns With AIRS Now A Must

Chairman/Chief Executive, Anambra State Internal Revenue Service (AIRS), Dr David Nzekwu, says all employers of labour in Anambra State are required to file annual returns on all emoluments paid out to employees by January 31 of the preceding year.

Dr Nzekwu drew attention of the public to the provision of the Section 81 (2) of Personal Income Tax Act (PITA), 2011 Law (Amendment), on filing of annual returns with revenue service.

According to the law, employers of labour are to pay all taxes deducted within 10 days of the end of every month.

He added that taxable individuals were to file their annual returns within 90 days from commencement of every year of tax assessment.

Dr Nzekwu, however, cautioned that defaulters would be liable to a penalty of N500, 000 for corporate bodies and N50, 000 for individuals in line with provisions in PITA. (MOI)