With increasing focus on good corporate governance and emphasis on revenue generation by government, it is more critical now than ever before to comply fully with the law including ensuring that tax filing and payment deadlines are met.
Many employers especially those in major cities grounded by the recent strike action must have missed the January deadline for the remittance of December 2011 Pay-As-You-Earn (PAYE) tax and pension contribution both due on the 10th of January. However, given that the failure to meet the deadline arose from circumstances beyond their control, the default can be excused but payment must be made as quickly as possible.
If you find yourself in this situation, you must ensure that you make appropriate notes on the relevant remittance documents in the event of a future audit by which time you may have forgotten the reason for the late remittance.
Below is the tax calendar for January 2012. We will provide this on a monthly basis going forward to help remind you of the various tax filing and payment deadlines.
Tax Calendar – January 2012
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Sunday |
Monday |
Tuesday |
Wednesday |
Thursday |
Friday |
Saturday |
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1 |
2 |
3 |
4 |
5 |
6 |
7 |
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8 |
9 |
10 |
11 |
12 |
13 |
14 |
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15 |
16 |
17 |
18 |
19 |
20 |
21 |
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22 |
23 |
24 |
25 |
26 |
27 |
28 |
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29 |
30 |
31 |
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Compliance deadlines:
|
Date |
Description |
|
3 |
C.I.T; Pay first installment for Jan, Feb, Mar, Apr, May & June 2011 year-end |
|
3 |
E.T; Pay for Jan, Feb, Mar, Apr, May & June 2011 year-end |
|
3 |
I.T Tax; Pay for Jan, Feb, Mar, Apr, May & June 2011 year-end (if self assessed) |
|
3 |
CGT; Pay for Jan, Feb, Mar, Apr, May & June 2011 year-end |
|
10 |
PAYE; File monthly return and remit for Dec 2011 |
|
10 |
Pension contribution; Remit for Dec 2011 (assuming salaries paid 30th Dec 2011) |
|
20 |
VAT; File return and make payment for Dec 2011 |
|
20 |
WHT; File FIRS return and make payment for Dec 2011 |
|
31 |
CIT; File self assessment and pay first installment for July 2011 |
|
31 |
E.T; File returns and pay for July 2011 year-end |
|
31 |
I.T Tax; make payment for July 2011 year-end (if self assessed) |
|
31 |
CGT; Make payments for July 2011 year-end |
|
31 |
WHT; File SIRS return and pay for Dec 2011 |
|
31 |
NHF; File deduction and make payment for December 2011 |
|
31 |
PPT; Pay 11th Installment for November 2011 |
|
31 |
NSITF; Pay employee compensation contribution for Jan 2012 |
|
31* |
PAYE; File returns of employee emoluments for 2011 |
*New requirement of the PIT (Amendment) Act 2011