Taxes are an important avenue of revenue generation for the government, as individuals and business owners paying taxes help give back to the government and contribute to development.
All business registered in Nigeria are expected to pay the Companies Income Tax (CIT).
Partnerships and ventures are expected to pay the Personal Income Tax (PIT) which is administered either as – PAYE (Pay-As-You-Earn) taxes from employment (employees) or Taxes from a self-employed person.
Say what you will about Nigerian government organisations, but you have to admit that there is an attempt to automate a lot of government processes, reducing the time and rigor involved in doing things as simple as registering your business with the CAC or filing taxes.
Following that trend, the Federal Inland Revenue Service FIRS has introduced an e-filing system to help you file your all taxes. I think that’s great news.
With this new arrangement, there is no need for you to go to the FIRS office when you want to file personal taxes or even company taxes.
The process is pretty simple:
- Go to www.firs.gov.ng
- Click on e-services, then click on e-filing
After doing this, you can download a form and fill in the tax details. Here is where it gets interesting, after completing the form, all you have to do is scan the documents and send it to the tax office of your choice.
The online tax filing process is also available for e-registration to obtain your Tax Identification Number (TIN), e-stamp duty for tax levied against documents like land transactions and other legal documents.
The FIRS page also includes a tax calculator that helps individuals and organisations determine how much tax they are required to pay. Use it so you don’t end up over or underpaying.
To learn more, check www.firs.gov.ng
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