In its commitment to continuous education, enlightenment and dissemination of required information to the general public, the Kwara State Internal Revenue Service, (KW-IRS), has commenced its radio program, “My Tax and I” for the quarter 3 of 2021.
The WEEK 1 episode of the programme, aired on different radio stations in the State, had seasoned tax practitioners and staff of the Service, Sunday Agbana and Iyabo Adebayo, discuss the topic “TAX ASSESSMENT AND OBJECTION”
Did you know that?
Tax Assessment is a process to determine the appropriate tax payable on the income of individuals, ventures and enterprises, either self-employed or in employment in the relevant year of assessment?
Pay-As-You-Earn (PAYE) and Direct Assessment are methods of collection of Personal Income Tax (PIT)?
PAYE applies to those in employment, while Direct Assessment applies to those that are self-employed and Taxpayers are free to choose from both options to be assessed on?
The process of Tax Assessment starts with Demand for Completion of Form A, completion of Return of Income and Claims for Allowances and Reliefs form for self-employed as well as submission of Nominal Roll by Corporate organization. This is followed by examination of returns and interview of taxpayers, where necessary after which Notices of Assessment are generated and then served?
Form A is known as the Return of Income and Claims for Allowance and Reliefs. It serves as an assessment tool which a taxpayer is expected to complete and fill in the year of assessment between 1st January and 31st March each year?
Form A states the income from all sources & allowances taxpayers want to claim and comprised 4 parts: Personal Details of Taxpayers, Statement of Income from all sources, Tax Exempts and Taxpayer’s declaration?
Submission of Annual Tax Returns of an employer’s previous activities to the State Internal Revenue Service, (KW-IRS in this case) should not be later than 31st January each year while submission of Nominal Roll is done on or before 31st March every year?
The taxpayer has certain rights to an assessment and these include the right to be served Notice of Assessment (NOA); right to object to tax assessed within a specified time frame of receipt of the NOA if he or she is not pleased with the assessment; right to fair hearing; right to self-representation of his or her authorized representative; and right to relevant information for the discharge of his or her tax obligation?
Among other criteria, an assessment is said to be final and conclusive when a taxpayer fails to object an Assessment within 30 days of service of NOA?
An employer refers to anyone exercising power over payment of remuneration, any agent, manager, director or other representatives and any paying officer of the Government?
An employer is obliged to register with relevant Tax Authority within Six Months of Commencement of a Business and ensure correct statutory deduction and remittance to the KW-IRS on or before the 10th day of the month following the month of deduction?
It is the responsibility of an employer to prepare and submit remittance schedules and other necessary documents to the KW-IRS?
Self-Assessment refers to a process where a taxpayer honestly files his or her tax returns and come up with an assessment of what he or she presumes PIT should be and gives evidence of tax payable or payment plan over a given time frame?
Self-Assessment can be explored by taxpayers, but they must provide evidence of audited financial records to support their claim (S. 44 of PITA 2011 as amended). It is backed by Personal Income Tax Act 2011 as amended. It is usually between 1st January and 31st March each year?
Taxpayers who file their tax returns honestly and promptly shall be granted a bonus of 1% of the tax payable (A.45, PITA 2011 as amended) as long as there is no default in the payment mode?
All revenue payments could be made into the Kwara State Government IGR Accounts through the online payment platforms provided by the State. That is REMITA, QUICKTELLER, PAYARENA and others to be communicated in due course?
For enquiry or clarification on tax matters, you can reach KW-IRS on the following Communication Channels.
Visit us at our Corporate Head Office on 27, Ahmadu Bello way, GRA, Ilorin or any of our offices within Ilorin and across all Local Government Areas to transact directly with the official revenue officers of KW-IRS and ensure all payments are receipted for accordingly.
Corporate Affairs Department, KW-IRS