The Federal Inland Revenue Service (FIRS) has reminded corporate and individual tax payers of the due dates for filing July 2015 tax returns.
For instance, July 31, 2015 is the due date for filing the following tax returns: Companies Income Tax (CIT), Capital Gains Tax (CGT), Education Tax (EDT), and National Information Technology Development Levy (NITDL) as applicable. This is for Companies whose accounting year ends January 31, 2015.
In addition, July 21, 2015 is the due date for filing Value Added Tax (VAT) and Witholding Tax (WHT) returns for the month of June, 2015.
The filing and payment due date for Value Added Tax (VAT) and Witholding Tax (WHT) is 21st day of the month following the month of transaction, the Federal Government revenue agency noted.
FIRS had set a first quarter (Q1) target of N241.89billion for Company Income Tax (CIT) but actualised N160.92billion, representing 21.27 percent contribution to the total collection; as well the Gas Income target of N24.084billion was not actualised with N5.92billion, representing 0.78percent of N756.709billion in Q1’15 total tax revenue collection.
FIRS reported N7.214billion in Education Tax revenue Q1’15 as against N40.503billion it targeted in the same quarter, representing 0.95 percent of the total tax collected. For the National Information Technology Development Levy, FIRS set a Q1’15 target of N2.347billion but actual collection was N173.6million, representing 0.02 percent of the total tax revenue collected in same quarter.
Federal Inland Revenue Service had reported over N264billion shortfall in total tax revenue collection for oil and non-oil in the first-quarter (Q1) to March 2015.
The Federal Government set a non-oil taxes revenue target of N539.629billion for the Q1’15 period but actualised N388.115billion, which reported 51.29% of the N756.709billion it reported as total tax revenue.
The reminder on due date for filing tax returns for July, 2015 also shows July 10, 2015 is the due date for Pay-As-You-Earn (PAYE) remittance for the month of June, 2015. Recall that remittance of Pay-As-You-Earn is tenth day of the month following the month of deduction.
