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2023 Annual Tax Returns: Oyo Insists On Jan 31st Deadline For Employers Of Labour

Gov Seyyi Makinde

The Oyo State Government has announced that January 31, 2024, is the deadline for filing the year 2023 annual tax returns by corporate employers of labour.

The government also said individual employers of labour have the 31st of March 2024, as deadline. The annual tax returns require every taxpayer to state the turnover of each business and salaries deducted, also the tax remitted to the Oyo State government through the Board of Internal Revenue in the previous year. The Executive Chairman, Oyo State Internal Revenue Service, Mr. Adebowale Olufemi Awakan made this known to newsmen in his office.

“The returns MUST be made by 31st January of the year for corporate bodies while individual business owners must file, latest 31st of March, 2024”, he said. He noted that filing of annual tax returns is pursuant to the provision of Section 81(2) of the Personal Income Tax Act Cap P8 LFN 2004, as amended, (hereafter referred to as PITA), which states that: “Every employer shall be required to file a return with the relevant tax authority of all employments paid to its employees, not later than 31st January of every year in respect of all employees in its employment in the preceding year”.

Mr. Awakan stated further that this is a law which all employers of labour must obey by collecting the PAYEs of their employees and remitting the same to the government. He warned that non-compliance attracts penalties, including a fine of N500,000 for Corporate bodies and legal liability for the owners and principal officers of such entities, and a fine of N25,000 for individuals, and also N5,000 for every month the returns is not rendered. In addition, business owners and Directors may be denied Tax Clearance Certificate of their business and employees if they are in default of the remittance of annual tax returns.

Oyo Government Enforces Tax Clearance Certificate As Precondition For Business Operations

OYIRS

In its bid to ensure seamless revenue generation, the Oyo State Government has mandated all Ministries, Departments, Agencies(MDAs), parastatals, Local Government Councils, institutions of government, or any government official to henceforth not recognise, accept, or use any trade/professional license for official purpose without a valid tax clearance certificate of the holder of such trade/professional license.

he Executive Chairman, Oyo State Internal Revenue Service (OYIRS), Mr Adebowale Awakan, disclosed this in a meeting with all the revenue-generating MDAs of the government. He noted that there had been a continuous violation of the provision of Section 85 of The Personal Income Tax Act, Cap P8 LFN 2004, (as amended), and Section 40(5)(a) of the Revenue Administration Law of Oyo State, 2015, (as amended), and the consequential loss of revenue to the government.

Awakan commended the effort of Governor Seyi Makinde, saying the governor had not relented in fulfilling his promises to the people of the state despite the economic situation of the country, but was willing to do even more in as much as the people were ready to cooperate with him by performing their civic duty of regular and prompt payment of their taxes to the government.

He revealed that the continuous violation of revenue laws and the consequential loss of revenue is what necessitated the meeting with all the revenue generating MDAs of the government, and consequently the compulsory enforcement of the use of a valid Tax Clearance Certificate by them in their subsequent dealings with financial institutions, business owners, professional bodies, e.t.c.

Noting that there was a publication to intimate the public of the development, the Chairman called for maximum cooperation of all the MDAs as the board leverages the services being rendered by them to the public to generate income for the government.

He concluded that the duty of the board is to monitor and coordinate the revenue generation of all MDAs, adding that tax payment had now been made easy and everyone could do it on their phone by downloading “Revenue Mobile” on playstore powered by ICMA and follow the steps.